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《大行报告》野村上调百胜中国(09987.HK)目标价至537.9元 评级「买入」
阿思达克 02-05 10:04
野村发表研报指,百胜中国(09987.HK)2020财年收入按年下跌6%,第四季整体同店销售跌幅由第三季的跌6%收窄至跌4%,剔除一次性项目後全年经调整净利润为6.15亿美元,按年减少15.6%,高於该行预期,相信主要由於分店网络扩张加快,以及第四季利润率胜预期所致。

管理层预期今年第一季受疫情影响,农历新年期间出行活动及聚餐减少,但野村指出,集团手头现金及短期投资充裕,有约43亿美元,自由现金流达6.95亿美元。报告指出,百胜中国通过三个品牌加快咖啡业务的扩展,预期通过与肯德基分店的协同效应,可在三、四线城市快速扩张,有长期增长潜力,因此将2021至2022财年收入增长预测提升至19.8%及8.3%。

野村认为,百胜中国将继续受惠於数字化改革,去年肯德基及必胜客积累超过3亿名线上会员,会员销售额占总销售额比重由2019年的52%提升至60%,同时外带配送占比亦有所提升,料有助於进一步捉紧本地消费需求,加上今年目标新开1,000家新店,预计肯德基利润率将轻微下降至16.2%,将2021年盈利预测提升2.2%,目标价由482.8元升至537.9元,评级「买入」。

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