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《大行报告》大摩首予九毛九(09922.HK)「增持」评级 目标价46元
阿思达克 02-16 10:06
摩根士丹利发表研究报告指,欣赏九毛九(09922.HK)的单位增长潜力,认为可受惠强劲的店铺经济及多品牌营运,相信其溢价合理,憧憬其2021至2023年盈利年均复合增长达72%,并估计存在进一步上行空间,首予目标价46元,评级「增持」。

该行指出,公司经营五个品牌,2019至2022年估计店铺单位增长达33%,回报强劲,而且具全国规模的网络,尽管今年以来其股价已显着跑赢恒指表现,认为考虑到太二酸菜鱼具长远增长,同时亦有经营多品牌的潜力,估计股份仍有上行空间。

大摩指出太二酸菜鱼是内地市场中最大参与者,去年市场份额约7%,而2019年其资回报亦具优势,仅需一个月就达收支平衡,现金回本期仅七个月,相信是受惠於其标准化及具扩张规模的业务模式,一方面其餐单简洁、主持酸菜鱼,相关市场2021至2024年年均复合增长料达30%,另一方面其品牌定位亦有特色,目前太二酸菜鱼有约230家分店,料长远有望扩张至1,000家,而地区发展改善可带来利润扩张潜力。

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