《大行報告》瑞信上調百勝中國(09987.HK)目標價至512元 季績勝預期
瑞信發表研究報告指,百勝中國(09987.HK)第三季穩健增長,經調整淨利潤按年升17%,高於該行及市場預期約23%及39%,主要是受業務復甦所帶動,旗下必勝客利潤率由第二季的11.1%回升至16.5%,而肯德基業務則大致步入正軌。
百勝中國於第三季度共開設了312家新店,預計年底淨開新店數量將超過900家。瑞信相信,新店開設步伐步入正軌將繼續推動其盈利增長,估計明年及2022年每年淨開新店數量均將超過1,000家。
瑞信預計,必勝客第四季餐廳利潤率將回復至9%的正常水平,但仍高於2019年第四季的6.6%;肯德基表現則料持續改善,同店銷售跌幅料收窄至2%,將2020至2022年盈利預測提高17%、6%及7%,目標價由原來483.6元上調至512元,維持「跑贏大市」評級。
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