Oriental Securities: First time covering LexuShi (02698.HK) with a "buy" rating and a target price of HK$36.05.

According to the information obtained from the Securities Times APP, Oriental Securities released a research report stating that Lexushu (02698.HK) relies on the channel advantages of Sen Da Group to build a deep penetration channel network based on wholesale, with a combination of distribution and retail, targeting the African market with grid-like features. In the future, it is expected to replicate its successful experience in more emerging markets. The bank predicts that EPS will be $0.23/0.27/0.32 in 2026-28. Based on the valuation of comparable companies, a 20 times PE ratio is given for 2026, with a target price of HK$36.05 (1 USD7.8363 HKD), and the first "buy" rating is given.