《大行报告》瑞信上调百胜中国(09987.HK)目标价至512元 季绩胜预期
瑞信发表研究报告指,百胜中国(09987.HK)第三季稳健增长,经调整净利润按年升17%,高於该行及市场预期约23%及39%,主要是受业务复苏所带动,旗下必胜客利润率由第二季的11.1%回升至16.5%,而肯德基业务则大致步入正轨。
百胜中国於第三季度共开设了312家新店,预计年底净开新店数量将超过900家。瑞信相信,新店开设步伐步入正轨将继续推动其盈利增长,估计明年及2022年每年净开新店数量均将超过1,000家。
瑞信预计,必胜客第四季餐厅利润率将回复至9%的正常水平,但仍高於2019年第四季的6.6%;肯德基表现则料持续改善,同店销售跌幅料收窄至2%,将2020至2022年盈利预测提高17%、6%及7%,目标价由原来483.6元上调至512元,维持「跑赢大市」评级。
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