《大行報告》美銀證券上調呷哺呷哺(00520.HK)目標價至22.1元 評級「買入」
美銀證券發表研究報告指,呷哺呷哺(00520.HK)復甦步伐好於預期,高端火鍋品牌「湊湊火鍋」增長加快,因此將2020年每股盈利預測提升至2分人民幣,並將2021至2022年每股盈利預測分別提高6%及3%。
該行指,呷哺品牌同店銷售增長恢復到疫情前水平的90%以上,而湊湊火鍋同店銷售在11月恢復到100%以上,在行業龍頭中復甦速度屬最快。美銀指出,呷哺呷哺在2020年採取了相對保守的擴張策略,每個品牌的門店淨增40家,重點放在網絡優化、運營調整及品牌建設上,為未來經營打好基礎,認為到2021年擴張可能會加快,呷哺呷哺和湊湊火鍋將分別增加100和70家分店。
美銀表示,低基數效應和經濟活動正常化可能對呷哺呷哺的2021年增長而言利好,2019至2022年每股盈利複合增長率料達36%,因此將目標價由11元大幅上調至22.1元,以反映更強的中期增長潛力,重申「買入」評級。
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