+M N 26 Mar 2024 CMB International Global Markets | Equity Research | Company Update Jiumaojiu (9922 HK) Resilient margin in 2H23 with positive outlook Target Price HK$8.39 Maintain BUY and raise TP to HK$8.39 (we now assume a gradual improvement in SSS recovery rate onwards as the group is rolling out more new initiatives (Previous TP HK$7.05) this year). We are still cautious about catering sector, but JMJ’s numbers have Up/Downside 49.9% stabilized lately. A rebound in share price is possible given undem ...