＜Research＞Citi Still Considers HAIDILAO (06862.HK) as Industry Top Pick After CEO Change

　　HAIDILAO (06862.HK) -0.800 (-5.298%) Short selling $59.04M; Ratio 22.744% announced a CEO change. Citi Research reacted in a report that this is a realignment of senior management resources in the group's ecosystem. The group's shop restructuring programme from November 2021 to 1H22 (Woodpecker Plan) and shop reopening programme from 2H22 to 1H24 (Hard Bones Plan) have both been successful.

　　The broker believed that the future growth of HAIDILAO will be driven more by innovation, including the newly-announced franchise model and digitisation, as opposed to the restructuring of the shop network that has already been successfully completed under the leadership of outgoing CEO Yang Lijuan.

　　Related NewsCLSA Cuts HAIDILAO (06862.HK) TP to $16.9, Reflecting Short-term Growth Uncertainty

　　Citi estimated that HAIDILAO's overall table turn rate in May increased by 20% YoY, similar to the YoY growth rate in April. The broker maintained its Buy rating on HAIDILAO and kept it as the top pick in China's restaurant industry, with a target price of $26.2.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-21 16:25.)

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