Jefferies has issued a research report adjusting its price target for Guming (01364), lowering it from HK$35 to HK$27.

This revision reflects a more cautious outlook on the company's store expansion prospects, with the forecast for new store openings in the 2026 fiscal year reduced to 2,000 from a previous estimate of 3,200.

Despite the target price cut, the firm maintains its "Buy" rating on the stock, citing the company's fundamentally healthy condition.

Jefferies has also adjusted its forecasts for Guming's adjusted net profit for the 2026 to 2028 fiscal years downward by 2.9% to 11.9%.

The new projections are RMB 3.14 billion, RMB 3.526 billion, and RMB 3.973 billion for 2026, 2027, and 2028, respectively.

Additionally, the report anticipates that for the first half of this year, supported by a 32% increase in the average number of stores and resilient gross merchandise volume per store, the company's revenue and adjusted net profit will grow by 33.2% and 35.7%, reaching RMB 7.54 billion and RMB 1.47 billion.