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花旗:下調頤海國際(1579.HK)目標價至55港元 評級“買入”
格隆匯 02-05 11:23
花旗發表的研究報告指,針對武漢肺炎疫情,料政府鼓勵市民留在家中的措施,以及消費者情緒等將為餐飲業線下商鋪人流帶來負面影響,並將直接影響到頤海國際(1579.HK) 的關聯方銷售,雖然自熱火鍋產品需求增加,但物流服務受阻已導致渠道供應出現短缺,該行預計負面影響將較短暫,而且不屬結構性影響,故對公司長遠銷售展望看法仍然正面。
該行指出公司關聯客户海底撈自1月26日起停業,暫未有重開日期,該行估計疫情對頤海銷售影響將達一個月,故將2020年關聯方銷售預測下調約10%。另外政府鼓勵市民留在家中後,自熱火鍋的需求急速上升,該行的行業調查顯示零售端無論線上線下均現供應短缺情況,而公司因物流服務影響而未能補貨,如物流服務可在2月中前回復,估計情況將影響公司兩星期的銷售。
該行將公司2020-2021年淨利預測下調8%,以反映疫情影響,估計公司2018-2021年核心淨利年複合增長為36%,目標價由60.5港元降至55港元,維持“ 買入 ”評級。

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