Yihai International Holdings Ltd Shs Unitary 144A/Reg S

01579: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Yihai: Pricing Pressure Lingers Despite Signs of Volume Recovery; Maintaining Fair Value Estimate

Jacky Tsang , Junhao Yang

Mar 10, 2025

We maintain our fair value estimate of HKD 15.60 per share for no-moat Yihai International ahead of the release of its 2024 results in late March. Since January 2025, leading restaurant chains in China have either raised menu prices or reported a stabilization in spending per guest. We believe this fits well with our expectation of a gradual sales recovery for Yihai this year. We view the company’s shares as fairly valued with a decent estimated 2025 dividend yield of 5.3%.

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Yihai International Holdings Ltd Shs Unitary 144A/Reg S

Yihai: Pricing Pressure Lingers Despite Signs of Volume Recovery; Maintaining Fair Value Estimate

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