Yamato: Mixed Group (02097) is rated "outperform the market" with a target price of HKD 539.

Yamato released a research report, stating that they are initiating coverage on MIXUE GROUP (02097) for the first time, with a target price of 539 Hong Kong dollars and a rating of "outperform the market". The firm is confident in the group's growth prospects, based on its unique economies of scale, leading position in the mass market, and potential for overseas expansion. They expect same-store sales growth of 5%, 3%, and 3% for 2025 to 2027, with average selling price growth of 0%, 1%, and 1%, and cup sales growth of 5%, 2%, and 2%. They also forecast that net profit will increase by 22%, 20%, and 18% year-on-year. The firm also noted that competition in the food delivery platform market in April will help drive same-store sales at MIXUE GROUP, with same-store sales expected to grow by more than 10% in April, leading to continued upward revisions in market forecasts and supporting the recent stock price.