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《大行報告》大和上調百勝中國(09987.HK)目標價至500元 評級「跑贏大市」
阿思達克 02-05 09:59
大和發表研究報告指,百勝中國(09987.HK)第四季經調整經營溢利和經調整盈利分別升72%及56%(撇除外匯升65%),同時回復0.12美元季度股息。

該行指,百勝中國旗下KFC第四季銷售增長3%,同店銷售跌4%,淨增店241間;Pizza Hut銷售跌3%,同店銷售跌5%,淨增店78間。餐廳利潤按年改善3.9個百分點至10.4%。

該行又指,今年首季繼續面對新冠疫情的陰霾,令百勝的旺季受影響,因應政府不鼓勵跨省旅遊,公司管理職計劃推廣包括網上和速遞資源,以刺激需求,同時調整部份城市的推廣計劃。

該行表示,管理層維持對長遠開店計劃的策略,並將強化品牌組合和數碼化。今年的資本開支預期為6億美元,當中包括開設1,000間分店。未來5年,將斥80億美元,用於開店、重整、基建和投資新興品牌等。

該行上調百勝中國今明兩年每股盈利預測4%,以反映上述因素,目標價由476.6元升至500元,評級「跑贏大市」。

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