Furui: Lower the target price of GUMING (01364) to 27 Hong Kong dollars, maintain a "buy" rating.

Credit Suisse released a research report stating that it has lowered GUMING (01364) target price from 35 Hong Kong dollars to 27 Hong Kong dollars to reflect a more cautious outlook on store expansion. They expect the company to open only 2000 stores in the 2026 fiscal year, down from the previous target of 3200 stores. However, they maintain a "buy" rating, believing that the fundamentals of the company are still healthy. The bank has lowered the company's adjusted net profit forecast for 2026-2028 by 2.9%-11.9%, to 31.4 billion yuan, 35.26 billion yuan, and 39.73 billion yuan respectively. Additionally, they expect the company's revenue and adjusted net profit in the first half of this year to increase by 33.2% and 35.7% respectively, supported by a 32% increase in the average number of stores and resilient total sales volume of individual stores, to 75.4 billion yuan and 14.7 billion yuan.