野村:維持百勝中國(9987.HK)537.9港元目標價 評級買入
野村發表研究報吿指,預期百勝中國(9987.HK)將出現持續改善,隨着新型冠狀病毒肺炎疫情的影響逐漸減退,客流量亦將有改善。集團迅速的網絡擴展、多品牌策略和數碼化能力,相信將有助集團爭取市佔率。該行維持集團目標價537.9港元,以及買入評級。
野村表示,在農曆新年前,中國爆發疫情的地區都採取了更嚴格的防疫措施,並減少了70%的旅遊,對交通運輸造成嚴重影響。百勝中國自去年首季起,比較基數都高於同業,因為在最嚴重的封鎖時期中,集團65%商店仍然營運,因此其去年首季的銷售表現優於同業。該行目前預料,今年集團銷售將按年增長19.8%。
此外,該行指,集團利潤的壓力,主要來自銷售去槓桿;自2019年以來已連續兩年表現疲軟的工資通脹率;政府補貼和租金減免措施的大幅減少。該行目前預期,餐廳去年的利潤率為14.8%,而今年將升至15.1%;營運利潤率去年為11.6%,今年就微跌至11.4%;派息比率則估計由去年的12%大幅升至24%。

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