Citigroup: Raised Target Price of CHOW SANG SANG (01458) to HK$2.66 with "Buy" Rating.

Citigroup released a research report stating that the progress of recovery in ZHOU HEI YA (01458) is in line with expectations, with improvements in same-store sales, channel optimization, and progress in new businesses. The group aims to improve store efficiency through strengthening marketing, member monetization, motivating frontline employees, accurate market segmentation, and diversified product offerings. The goal is to achieve revenue and net profit recovery this year, with revenue achieving double-digit year-on-year growth, driven by improved store efficiency, new businesses, and improved operating profit margins. The bank believes that the visibility of the group's profit improvement has increased, raising the target price from HK$2.22 to HK$2.66, with a "buy" rating.