西牛证券4月5日发布公告。Stable development with new catalysts: We maintain our views that the Group will continue to deliver steady but solid growth and maintain an attractive dividend payout, cash inflow will remain strong after a one-off adjustment in receivables and payables. Replacement of stores (~200 sq. m.: 24% of self-operated stores) remains in progress, more CAPEX may be incurred in 2025 for diversification. We maintain the TP at HKD 16.78/share, reiterating“BUY”.
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