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《大行报告》大和升海底捞(06862.HK)评级至「跑赢大市」 目标价上调至58.5元
阿思达克 03-25 12:54
大和发表研究报告指,考虑海底捞(06862.HK)近期股价回调,较2月高位累跌约36%;其更进取销售点渠道扩张;以及改变估值方法(由市盈率改为企业价值对EBITDA倍数),投资评级由「持有」上调至「跑赢大市」,目标价由47元上调至58.5元,相当於企业价值对经调整EBITDA约28倍。

报告引述管理层称,即使1月疫情爆发,海底捞今年首两个月换台率稳定改善,新春假期趋势令人鼓舞。疫情相关不确定性持续,管理层希望产品创新及会员系统增加推广,助力到店用餐复苏,以及提升客户用餐体验。

由於去年下半年劳工短缺及职工工作量加剧,公司自去年第三季起上调前线员工底薪介乎200至1,600元人民币,并提升福利待遇,包括教育及住屋津贴。

大和补充,届去年底止,海底捞签下807份新租约,去年332间店开业,本年至今36间店开业,本年至今并签下91份新租约。该行下调海底捞今年每股盈测1%,上调明年每股盈测5%,以反映今年换台率复苏放缓,及2021至2022年间每年净增加600个销售网点。

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