Goldman Sachs expects the adjusted net profit of Mingchuang Premium (09896) for the first quarter to be 582 million yuan.
The Zhitong Finance App learned that Goldman Sachs released a research report stating that it gave Mingchuang Premium (09896) a “buy” rating and that its sales momentum is expected to continue to be steady, and the target price was raised from HK$60 to HK$61. The company will announce first-quarter results around mid-May.
The bank estimates that the total sales volume of Mingchuang Premium will be RMB 3.66 billion, an increase of 24% over the previous year. Taking into account the costs associated with the expansion of overseas direct-run stores, gross margin is expected to drop slightly by 0.5 percentage points to 42.6% from quarter to quarter, while operating expenses will increase by 0.2 percentage points to 23.9% quarterly. Therefore, adjusted net profit for the first quarter is expected to be RMB 582 million.