交銀國際:首予太興集團(6811.HK)“買入”評級 目標價2.61港元
交銀國際發表研報指,太興集團(06811.HK)在香港是領先的休閒餐飲運營商,市場份額4.0%。該公司目前營運的198家餐廳中有1/3位於國內,未來將主力拓展大灣區市場。
該行稱,該公司自家培育的“茶木”品牌是2017年香港餐廳數量最多的台灣菜餐廳,其他新品牌的貢獻也在2016-18年期間迅速增加。
該行表示,太興目前股價對應約10倍2020年市盈率,低於香港上市餐飲行業的平均估值,也低於香港品牌的平均值。該行認為長期看該公司估值吸引,採用DCF估值法得出2.61港元目標價,相當於13.8倍2020年市盈率。首次覆蓋給予“買入”評級。
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