《大行報告》大摩首予九毛九(09922.HK)「增持」評級 目標價46元
摩根士丹利發表研究報告指,欣賞九毛九(09922.HK)的單位增長潛力,認為可受惠強勁的店舖經濟及多品牌營運,相信其溢價合理,憧憬其2021至2023年盈利年均複合增長達72%,並估計存在進一步上行空間,首予目標價46元,評級「增持」。
該行指出,公司經營五個品牌,2019至2022年估計店舖單位增長達33%,回報強勁,而且具全國規模的網絡,儘管今年以來其股價已顯著跑贏恆指表現,認為考慮到太二酸菜魚具長遠增長,同時亦有經營多品牌的潛力,估計股份仍有上行空間。
大摩指出太二酸菜魚是內地市場中最大參與者,去年市場份額約7%,而2019年其資回報亦具優勢,僅需一個月就達收支平衡,現金回本期僅七個月,相信是受惠於其標準化及具擴張規模的業務模式,一方面其餐單簡潔、主持酸菜魚,相關市場2021至2024年年均複合增長料達30%,另一方面其品牌定位亦有特色,目前太二酸菜魚有約230家分店,料長遠有望擴張至1,000家,而地區發展改善可帶來利潤擴張潛力。
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