《The Big Banks》: FUBU Research downgrades Guming (01364.HK), lowering its target price to HK$27.1; it expects interim non-IFRS adjusted net profit to increase 35% year-on-year.

HSBC’s research report said it expects Guming (01364.HK) to see short selling of $1.59 million, down 0.120 (-0.595%), with a ratio of 27.175%. Supported by a 29% year-on-year growth in revenue in the first half, non-IFRS adjusted net profit may increase by 35% year-on-year to RMB 1.523 billion. Overall performance is expected to be broadly in line with management’s profit target. However, due to Guming’s store expansion pace being slower than expected, the firm has lowered its forecast for the company’s net new store openings this year from 3,000 to 2,000, and cut its full-year revenue forecast by 6%.

Related content: 《Big Banks》BofA Securities cuts Guming (01364.HK) target price to 30 yuan. First-half net new stores far below full-year guidance. The firm maintains a “Buy” rating on Guming, but because it reduced the company’s target P/E multiple from 18.9x to 17.8x, the target price was correspondingly cut from 29.1 Hong Kong dollars to 27.1 Hong Kong dollars. (sl/u)(HK stock quotes are delayed by at least fifteen minutes. Short selling data as of 2026-07-10 12:25.)