Haidilao (6862.HK): Table Turnover Update: September Flat YoY, Slight Golden Week Improvement (Citi)
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Citi's latest operational update on Haidilao (6862.HK) indicates that September table turnover was flat year over year, a recovery from August, when turnover had declined by a low single digit. During the 2026 National Day Golden Week (1-7 October), turnover showed signs of a slight year-over-year uptick, an early indication that operations are beginning to stabilize.
Market sentiment toward the stock had been weak, weighed down by a major shareholder's stake reduction and August turnover that fell short of expectations. Against this backdrop, Citi believes consensus expectations are now low. If operations remain stable through October and November, the broker sees this as a positive catalyst for the share price, and it views operational stability over these two months as the key validation point for a recovery.
Citi maintains its Buy rating on Haidilao with a target price of HK$19.30, positioning the current stabilization in turnover as an opportunity ahead of potential sentiment improvement.