Busy Ming listed on 28 January 2026 with an offer price of HK$236.60, closing at HK $400 on the first day of trading, up 69% from its offer price. The stock is trading at retailer peers at 28x/18x PE. We believe the market has yet to fully price in the company's long-term growth, underpinned by sustained expansion in value retailing industry, ongoing industry consolidation driven by scale advantages, and margin upside from portfolio optimisation, stronger supplier bargaining power and efficiency gains. Source: Refinitiv, UBS estimates. Note: Closing prices as of 3 March 2026; red dots = UBS/UBS-S covered approx. 20-30x PE during high growth period Source: Refinitiv, UBS estimates. Note: Data as of 3 March 2026