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<Research>Citi Elevates EAST BUY (01797.HK) TP to $33 on Biz Model Shift to Membership Platform
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Citi Research issued a research report lowering its FY2025-2027 revenue forecasts by 36%/ 31%/ 30%, and profit forecasts by 69%/ 30%/ 26% respectively, as EAST BUY (01797.HK) shifted its business model from relying on leading anchors to scalable membership platform. The broker also elevated its target price from $18.5 to $33. Citi Research expected the membership platform to have 264,000 paying members, with a monthly repurchase rate of 40%, gross profit margin for proprietary brands recovering from a low of 10% to 24% and 2028 adjusted net profit margin expected to reach 7-8%, compared to current 4%. The broker kept rating at Buy, but the effectiveness of the transformation still needs to be verified over several quarters. AASTOCKS Financial News Website: www.aastocks.com |
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