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招银证券2月17日发布公告。Initiate BUY with TP of HK$ 11.61, based on SOTP valuation (23x/ 35x for XBXB/ Cou Cou), also implied a 28x FY23E P/E, ~4% discount to industry average. We find XBXB attractive, given a 20%/ 53% sales/ restaurant level OP CAGR in FY21-24E,driven by various reforms and recovery. It is trading at 19x FY23E P/E and 1.1x FY23E P/S (vs peers’ average of 29x and 2.0x).
