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瑞信:上調周黑鴨(1458.HK)明後兩年每股盈測 維持跑贏大市評級
格隆匯 11-26 13:49

瑞信發報告表示,將周黑鴨(1458.HK)目標價由7港元升至8.7港元,維持跑贏大市評級;由於交通樞紐分店的復甦速度較慢,該行將2020今年盈利預測削減35%,但由於加盟店開店步伐更快,將2021-22年每股盈利預測分別提高2%及6%。

報告表示,繼續認為6項關鍵戰略應成為周黑鴨長期增長,包括商業模式升級;全頻道覆蓋;產品多元化;綜合品牌和營銷;供應鏈優化;和提高組織和激勵措施。

該行表示,周黑鴨加盟店在2020年底預計將達到500間,領先於管理層的指導400間,並預計2021年加盟店開業的步伐進一步加快,到2022年底,加盟店數量將達到2000家。

報告表示,自營商店業務似乎觸底,非交通樞紐分店在10月幾乎恢復正常水平。但來自上海的新冠肺炎病毒疫情的輸入病例的不確定性,可能會對交通樞紐商店造成壓力,對2021年全面復甦持樂觀態度。

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