Glonway, August 16 | Daiwa released a report that lowered Tsai International's earnings forecasts for FY2024 to 2025 (ending the end of March) by 34.3% and 30.2%, respectively, to HK$0.111 and HK$0.163, to HK$0.111 and HK$0.163 to reflect more realistic store opening and restaurant profit margin assumptions. The target price was lowered from HK$3 to HK$2.5. Daiwa reiterated the “buy” rating of Tan Tsai, adding that although Tan Tsai still has challenges in several markets, it is encouraged by management's execution and actions to deal with negative macroeconomic factors, and sees the company's potential for brand expansion and long-term growth in overseas markets.