Chinese hotpot chain Haidilao hits over 4-month high on robust earnings estimates

Haidilao International Holding

31/07/2023 04:25

** Shares of Chinese hotpot chain operator Haidilao
International Holding Ltd  6862.HK  jump 15% to HK$22.40, their
highest since March 15
    ** Stock on track for its biggest one-day pct rise since
Nov. 30, 2022 if gains hold; biggest pct gainer in the Hang Seng
Index  .HSI  and the Hang Seng Commerce & Industry Index  .HSNC 
    ** Beijing-based co expects to record a net profit from
continuing operations of 2.2 bln yuan ($308.05 mln) for the six
months ended in June, compared with a net profit of 72 mln yuan
a year earlier, thanks to an increase in table turnover rate and
improvement in operation
    ** Daiwa reiterates "buy" rating, saying it is still its
preferred name within China catering services on seeing its
margin improvement continuing despite a patchy table turnover
recovery trend against soft consumer sentiment
    ** The Hang Seng Commerce & Industry Index surges 2.2% and
Hang Seng Consumption Index  .HSCGSI  jumps 2.6%, and the Hang
Seng Index rises 1.5%
    ** As of last close, the stock had fallen 13% this year
($1 = 7.1416 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))