《大行報告》野村首予百勝中國(09987.HK)「買入」評級 目標價482.8元
野村發表研究報告,指百勝中國(09987.HK)基本面穩固,首予「買入」評級,以現金流折現率計,目標價482.8元。考慮其數碼領導地位及送餐能力,資產負債表/現金流強勁及經營優勢,料中長期而言百勝中國將受惠於行業加速整合。
該行指出,肯德基在疫情期間展現強勁韌性,同店銷售在首兩季分別錄11%及10%的跌幅,較行業上半年跌幅達32.8%為佳,不過夏季客流及在旅客區或車站的分店人流受壓,預期7月及8月的肯德基同店銷售復甦持續顛簸,但料自9月起復甦將加快。
野村表示,在必勝客方面,同店銷售跌幅由首季的31%收窄至第二季跌幅12%,預期同店銷售跌幅在第三季會繼續收窄,加上品牌三十周年活動,料會帶動人流。
報告補充,疫情被證明對行業中長線而言有利,加快中國送餐行業結構增長,並料百勝中國將受惠於強大送餐運力。作為中國餐飲行業數碼化領導者,百勝中國致力透過科技進步向顧客提供個人化及豐盛的用餐體驗。今年上半年百勝中國就旗下肯德基及必勝客累積2.65億線上會員,會員銷售在次季按年增長達雙位數,總銷售佔比逾六成。
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