大家乐集团尚未走出困境

HongKong&ChinaMarketDaily 17 June 2026 What’s Hot Today: ►Café de Coral (341 HK, HK$4.96, HK$2.88bn) Still not out ofthe woods CafédeCoral(CDC)reportedFY3/26revenueofHK$8.2bn(-4.5%YoY)andnetprofitslid 29.5%to HK$160mn;excluding revaluation loss on investmentproperties,coreprofitstoodatHK$150mn(-30%YoY).OPMcontractedfurtherto2.99%from3.79%,hittingamultiyearlow,owingtotherigidcoststructure.In Afinaldividendof30HKcentshasbeendeclaredforatotalof40HKcentsfor RegionalDivergence:Hong KongUnderPressure,MainlandChinaExpands: HongKongremainedtheprimaryrevenuecontributor,deliveringHK$6.7bn(5%YoY/82%oftotalrevenue).Thecorequickservicerestaurants(includingCafédeCoral,andSuperSuperCongee&Noodle)sawa6%revenuedeclinetoHK$4.8bn andpostedSSS declines of 6%and 9%,respectively,assubdued consumersentimentandthenormalizationofoutboundspendingbyHongKongresidentscontinuedtodivertlocalfoottraffic.Thecasualdiningsegment(SpaghettiHouse,ShanghaiLaoLao,etc.)sawrevenueslide6.4%toHK$0.77bn,reflectingelevated MorningSnapshot HongKong&ChinaMarketDaily 17 June 2026 OntheMainlandChinafront,revenuestoodatHK$1.5bn(2.3%YoY)withSSSdown9%,pressuredbypricewaramongthedeliveryplatformsandheightenedconsumerpricesensitivity.Nevertheless,thecompanyaddedanet10storesinthemainland,bringingitstotalto195,whilecontinuingtopenetratelowertiercitiesundera NetcashofHK$1.55pershare:Asat31March2026,CDChadcashanddepositsamountedtoHK$1.1bnandtotalborrowingsofHK$0.2bn(downHK$80mnYoY),liftingnetcashtoHK$0.9bn(+52%YoY).Intermsofcashflow,netcashgeneratedfromoperatingactivitiesduringFY26wasroughlyHK$1.5bnandfreecashflowreachedHK$1.2bn(7xofnetprofit).CAPEXfortheyearstoodatHK$255mn(approximately3%ofrevenue), HK$50mbuy-backplan:CDCalsoannouncedabuy-backplantopurchaseuptoHK$50mworthofsharesfromtheopenmarket.Anestimated10.08mnshareswouldberepurchasedatcurrentprice,representingabout1.74%oftheoutstandingshares. Ourviews:CDC’sFY26performanceunderscorespersistentpressureonHongKongandMainlandChina’scateringmarkets.EvenwithhighbrandpenetrationandconsumerstickinessinHongKong,thenormalizationofnorthboundspendingcontinuestounderminelocalfoottraffic.Intensifiedindustrycompetition,pricewars,anddeliveryplatformsubsidiesaresqueezingmargins,leavinglittleroomforpricehikes.Sustainingprofitability So urce: B lo o mberg Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbe ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofany KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorotherbusinessfrom,anyissuer. Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiariesand/oraffiliates,mayactasdirector,orberepresentedontheboardsofdirectors,ofanysuchentitiesorissuers. Head Office Hong KongKingsway Financial Services Group Limited7/F, Tower One, Lippo Centre,89 Queensway, Hong KongTel: 852-2283-7000Fax: 852-2877-2665 Guangdong廣東新華滙富商業保理有限公司601–5, Building 3130JiaoxiRoad, Nansha District,