According to a report, GUMING (01364) has seen its stock price decline by approximately 18% since Q2. The drop is attributed to two primary factors: concerns over a slowdown in same-store sales growth amid a high base from subsidy campaigns, and a new store opening pace that has fallen short of expectations. The firm has consequently lowered its earnings per share forecasts for 2026 to 2028 by 4% to 5%. The price target has been adjusted downward from HK$36 to HK$32, while a 'Buy' rating is maintained. Data from a restaurant industry platform indicates that GUMING opened 590 new stores in the first four months of this year, a pace notably slower than the market's expectation for a net increase of 3,345 stores by 2026.
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