Jiumaojiu International Holdings Ltd Ordinary Shares

09922: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$21.60	Zwxp	Wjymbmzj

Jiumaojiu Earnings: Management Inches Up 2023 Unit Opening Guidance

Ivan Su

Aug 23, 2023

No-moat Jiumaojiu’s first-half earnings were in line with the positive profit alert issued in July. Management inched up its 2023 unit opening target that is in line with our estimates. As there were no major surprises, we are maintaining our HKD 13.70 fair value estimate, and we continue to believe the shares are fairly valued.

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