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《大行報告》大和升海底撈(06862.HK)評級至「跑贏大市」 目標價上調至58.5元
阿思達克 03-25 12:54
大和發表研究報告指,考慮海底撈(06862.HK)近期股價回調,較2月高位累跌約36%;其更進取銷售點渠道擴張;以及改變估值方法(由市盈率改為企業價值對EBITDA倍數),投資評級由「持有」上調至「跑贏大市」,目標價由47元上調至58.5元,相當於企業價值對經調整EBITDA約28倍。

報告引述管理層稱,即使1月疫情爆發,海底撈今年首兩個月換檯率穩定改善,新春假期趨勢令人鼓舞。疫情相關不確定性持續,管理層希望產品創新及會員系統增加推廣,助力到店用餐復甦,以及提升客戶用餐體驗。

由於去年下半年勞工短缺及職工工作量加劇,公司自去年第三季起上調前線員工底薪介乎200至1,600元人民幣,並提升福利待遇,包括教育及住屋津貼。

大和補充,屆去年底止,海底撈簽下807份新租約,去年332間店開業,本年至今36間店開業,本年至今並簽下91份新租約。該行下調海底撈今年每股盈測1%,上調明年每股盈測5%,以反映今年換檯率復甦放緩,及2021至2022年間每年淨增加600個銷售網點。

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