《大行報告》瑞信升周黑鴨(01458.HK)評級至「跑贏大市」 目標價上調至7元
瑞信發表研究報告指,周黑鴨(01458.HK)去年底推行的特許經營模式,成為主要增長動力,可減輕商舖運營成本壓力,並推動分店網絡擴張,將評級由原先「跑輸大市」調升至「跑贏大市」。
該行估計,在集團出色的品牌效應及更清晰的收入可見度下,至2022年年底周黑鴨特許經營店數將達到1,500家,於2022年將貢獻約29%的銷售額。
瑞信指,雖然疫情阻礙發展計劃,但在周黑鴨積極發布新產品、線上線下全渠道覆蓋及市場整合等多項戰略改革下,將2020年盈利預測削減54%,但將2021年盈利預測提升44%,目標價由2.4元上調至7元,相當於2021年預測市盈率27倍。
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