Bank of America Securities: Raises target price for BUSYMING (01768) to 500 Hong Kong dollars and reiterates "buy" rating.

Bank of America Securities released a research report stating that BUSYMING (01768), as a market leader in the Chinese snack discount industry with unparalleled scale, is expected to achieve sustained growth supported by structural advantages in cost, scale, supply chain integration, and brand assets, and to continue regional and category expansion. The bank raised its earnings forecast for BUSYMING for the next two years by 7% and 6% and raised the target price from HK$490 to HK$500, reiterating a "buy" rating. They also pointed out that the group's better prospects for new store openings and same-store sales growth will be short-term catalysts for valuation revaluation. The bank expects BUSYMING's same-store sales growth at the beginning of the first quarter of 2026 to be strong, benefiting from operational improvements and a longer Chinese New Year holiday. The bank believes that, driven by frequent product updates and expansion into new categories, the growth momentum will continue throughout the year. The group is prioritizing the development of heated and refrigerated frozen products, as they have strong demand visibility and scalability potential.