Goldman Sachs raises Guming's target price to 32 yuan with a "Buy" rating

AASTOCKS
2025.08.28 04:20

Goldman Sachs published a research report indicating that GUMING (01364.HK) has recently opened stores at a pace that has consistently exceeded expectations. Driven by delivery subsidies and new products, the gross merchandise volume (GMV) per store has maintained strong growth, increasing by over 20% from July to August. Looking ahead to 2025, despite the increased base from food delivery subsidies, strong performance in store openings and category expansion will support revenue growth.

The firm raised its earnings forecasts for GUMING for 2025 to 2027 by 9% to 14%, while also increasing its adjusted core net profit forecast for this year from RMB 2.2 billion to RMB 2.4 billion. The firm raised its target price from HKD 30 to HKD 32, maintaining a "Buy" rating

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