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野村:維持百勝中國(9987.HK)537.9港元目標價 評級買入
格隆匯 04-29 12:40

野村發表研究報吿指,百勝中國(9987.HK)的新店擴張和咖啡業務將成為集團的長期增長引擎。隨着黃金週期間,預期國內旅行將會增加,料集團的人流量和銷量將在未來幾個季度進一步改善,維持目標價537.9港元及買入評級。

野村表示,今年首季集團經調整後的純利為2.33億美元,儘管首季度僅獲得600萬美元的補貼,但集團加快擴張步伐,另外,餐廳毛利率提高至18.7%,超過2019年同期的18.5%。集團的淨經營現金流亦升由去年首季的6000萬美元,升至3.31億美元。

管理層指,家禽價格開始反轉,或成為今年的成本壓力。不過,野村表示,由於集團提前將價格鎖定了兩個季度,故預期今年的成本壓力仍然可控。野村又預料,今年財年的肯德基同店銷售收入增長為12%,餐廳毛利率為16.2%。另外,必勝客亦取得顯著強勁的業績,其銷量已超過了疫情之前的水平,餐飲利潤率達到15.3%,是自2018財年以來最高的季度水平。

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