CICC: Maintains outperform rating on Aoyuan Live (09923), raises target price to HK$15.7

According to the financial app Zhitong, CICC has released a research report stating that considering the rate rebound and profit margin improvement, a slight increase in the adjusted EBITDA of Mobike (09923) for 2025 to 3.9 billion yuan, while maintaining the adjusted EBITDA for 2026 at 4.4 billion yuan. The company is currently trading at 14x/10.5x 2025/2026 EV/EBITDA; considering revenue and profit improvement, as well as market sentiment improvement, the target price has been raised by 65% to 15.7 Hong Kong dollars, corresponding to 17x/13x 2025/2026 EV/EBITDA and a 20% upside potential; maintaining an outperform industry rating.