0606 GMT - Yonghui Superstores may benefit from its store renovation efforts, China Galaxy International analysts say in a research report. The Chinese company has renovated 10 stores between June and September, which helped the stores turn a profit by October, driven by improved average selling prices and increased store traffic volumes. The supermarket chain operator plans to renovate one store per province as a sample for other outlets in the province to replicate, the analysts note. The brokerage raises the stock's target price to CNY5.80 from CNY2.40 while reiterating a hold rating. Shares are up 10.0% at CNY6.03. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
December 10, 2024 01:06 ET (06:06 GMT)
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