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 approx. 25-35x PE during high growth period approx. 20-30x PE during high growth period Source: Refinitiv, UBS. Note: Data as of 3 March 2026; not covered by UBS; we adopt consensus EPS (mean estimate) for historical PE calculation Source: Refinitiv, UBS estimates. Note: Data as of 3 March 2026