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瑞信:降呷哺呷哺(0520.HK)目标价至11港元 下调评级至“中性”
格隆汇 09-04 11:00

瑞信发表报告将呷哺呷哺(00520.HK)评级由“跑赢大市”降至“中性”,主因考虑到原材料及经营成本上升而令短期毛利率受压。

呷哺呷哺上半年收益录按年升27.4%的强劲升幅,惟毛利率则受经营杠杆所拖累,该行更指对其短期业务前景转趋审慎,当中肉类价格急升、经营成本上升和激烈市场竞争,以及新会计准则下,其快速扩张而带来额外财务成本等,上述因素均会对毛利率造成压力。

该行大幅削减其今明两年盈利预测30%至33%,以反映成本上升及新会计准则的因素,故目标价相应由16.6港元降至11港元。

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