《大行报告》大和下调呷哺呷哺(00520.HK)目标价至21元 评级「买入」
大和发表的研究报告指,呷哺呷哺(00520.HK)旗下餐厅呷哺呷哺及凑凑4月份销售已回复至2019年的八成及逾九成水平,在五一黄金周更达95%及逾100%水平,今年首四月两家餐厅分别有23家及3家新分店,落後於管理层的全年开店目标,不过集团分店开张一般较聚焦在尾段,所以管理层估计在下半年将赶上。期内呷哺呷哺继续改善产品组合以抵销食品成本通胀理力,包括是套餐单价提升等,而在凑凑则引入了新的高端餐牌,管理层目标扩大其内蒙处理厂房至羊肉以外产品,以进一步节省成本。
早前报道指凑凑CEO辞职,而公司亦在4月确认相关事件,公司股价已跌约35%,主要因为投资者担心凑凑前景,该行认为他在凑凑扩张上有重大影响,不过凑凑如无呷哺呷哺的供应链网络及资本支持,是绝不可能成功,此外管理层估计凑凑将无重大转变,而主席现时正暂代处理凑凑业务,并同时寻找CEO的替任人。
该行重申予呷哺呷哺「买入」评级,不过就将目标价由22元降至21元,并将2021-23年每股盈测降2%,以反映凑凑新店开张减少。(el/k) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.