高盛:重申對百勝中國(9987.HK)買入評級 目標價527港元
高盛發表研究報告表示,在網上與百勝中國(9987.HK)舉行虛擬會議;管理層對肯德基2021年店鋪擴展充滿信心,雖然同店銷售恢復取決於交通和旅遊樞紐。報告表示,在過去的幾個季度中隨著客流量的激增,必勝客的下一個策略重點將是數字化和會員制,以提高促銷和運營生產力。雖然股息將於第4季度恢復,但萬一公司未來出現波動,對股份回購採取謹慎態度。
該行予百勝中國H股目標價格為527港元,由於強大的品牌定位、創新能力、執行效率和嚴格的成本管理,加上強大的資產負債表支持擴張,可能會增加潛在的市場份額,對百勝中國的長期增長機會保持積極態度,重申買入評級。
該行表示,百勝中國管理層留意到第3季週末與平日的銷售差異縮小。交通樞紐門店在第3季同店銷售下降2-3個百分點。東部和北部地區的表現仍優於北部地區。利用近期的IPO收益和強大的供應鏈,管理層不排除加速肯德基店鋪的可能性,明年實現擴張至800個潛在新城市,但沒有預計在未來幾年內將轉向特許經營模式;與中石化和中石油集團在偏遠地區合作進行特許經營,預計特許經營網絡的比例從目前的約10%略微上升。
對於中國餐飲品牌中,預計小肥羊和黃紀煌也有望在2021年加速擴張,採用特許經營模式,將在現有900個門市合併。

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