HK-listed Haidilao falls most in 3 yrs as H1 disappoints

Haidilao International Holding

26/07/2021 04:14

** Shares of China's hot pot chain operator Haidilao
International Holding Ltd  6862.HK  plunge 20.8% to HK$33, the
worst day since listing in Sept. 2018
    ** Stock falls to the lowest since July 17, 2020; the
biggest percentage decliner on the Hang Seng Index  .HSI  
    ** Beijing-based co expects to post 80 mln yuan-100 mln yuan
($12.34 mln-$15.42 mln) profit for six months ended in June vs
965 mln yuan loss a year earlier, with rev rising 104% (https://bit.ly/3zuJwF6)
    ** Says H1 did not meet management's expectations and
operation needs to be improved, while overseas ops were still
suffering from the impact of COVID-19 pandemic 
    ** Citi maintains "neutral" rating on stock, saying
Haidilao's preliminary results were significantly below market's
expectations with business recovery much slower than expected
    ** CMB International maintains "buy" on the stock, saying
operational numbers should be trending up in H2 while the co is
dealing with underperformance by slowing down store expansion
    ** The Hong Kong Hang Seng consumer goods and services index
 .HSCGSI  falls 2.3%, and the Hang Seng Composite Index  .HSCI 
drops 2.8%
    ** The Hang Seng China Enterprises Index  .HSCE  plunges
3.2%, and the benchmark index  .HSI  declines 2.5%
    ** As of last close, the stock dropped 30.2% this year 


($1 = 6.4837 Chinese yuan)

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