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《大行报告》大和上调百胜中国(09987.HK)目标价至500元 评级「跑赢大市」
阿思达克 02-05 09:59
大和发表研究报告指,百胜中国(09987.HK)第四季经调整经营溢利和经调整盈利分别升72%及56%(撇除外汇升65%),同时回复0.12美元季度股息。

该行指,百胜中国旗下KFC第四季销售增长3%,同店销售跌4%,净增店241间;Pizza Hut销售跌3%,同店销售跌5%,净增店78间。餐厅利润按年改善3.9个百分点至10.4%。

该行又指,今年首季继续面对新冠疫情的阴霾,令百胜的旺季受影响,因应政府不鼓励跨省旅游,公司管理职计划推广包括网上和速递资源,以刺激需求,同时调整部份城市的推广计划。

该行表示,管理层维持对长远开店计划的策略,并将强化品牌组合和数码化。今年的资本开支预期为6亿美元,当中包括开设1,000间分店。未来5年,将斥80亿美元,用於开店、重整、基建和投资新兴品牌等。

该行上调百胜中国今明两年每股盈利预测4%,以反映上述因素,目标价由476.6元升至500元,评级「跑赢大市」。

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