Citi: Reiterates that it is very busy (01768) “Buy” rating target price HK$555.9

The Zhitong Finance App learned that Citi released a research report saying that it is very busy maintaining the Mingming (01768) “buy” rating. The target price is HK$555.9, which is equivalent to predicting a price-earnings ratio of 21 times in 2026. The bank believes that the company's business model is resilient and there is plenty of room for growth.

The report points out that Ming Ming is busy, and management emphasizes its resilient “value retail” business model to play the role of “community infrastructure” in China's vast sinking market. The company's operating cash flow performance in the first half of the year was better than expected, supporting its new cash return plan, which is expected to be launched in the second half of the year, including dividends. According to management, the company has no red chip structure or offshore tax administration arrangements, and its controlling shareholders have no offshore trust structure.