Morgan Stanley's report states that $HAIDILAO (06862.HK)$ In August, the overall passenger load factor was in line with expectations, but increased by a low single-digit percentage month-on-month. The opening rate of self-operated stores is still slow, with 2 new stores opened in August. The total number of new stores opened in the first 8 months of 2024 increased by 14, while the target for 2024 is an increase of 61 stores. In addition, Haidilao's new brand 'Yanqing Barbecue' is accelerating its store opening speed, with 1 new store opened in Hangzhou in August, accumulating a total of 6 stores since its opening in June.
The bank stated that it remains bullish on Haidilao due to its resilient performance, strong execution in profitability, and commitment to shareholder returns. Morgan Stanley maintains a target price of 18 Hong Kong dollars for Haidilao and a 'shareholding' rating.