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《大行報告》美銀證券下調呷哺呷哺(00520.HK)評級至「跑輸大市」 降目標價至10.8元
阿思達克 05-24 14:07
美銀證券發表的報告,將呷哺呷哺(00520.HK)評級降至「跑輸大市」,認為高層變動的不確定性在短期內增加,而公司亦宣布因子品牌表現未如理想首席執行官將退任,並由主席擔任首席執行官,是繼湊湊首席執行官辭任後短期內第二次有高層變動。公司正在準備員工獎勵計劃,以招聘及留住人才,該行相信是正確方向,不過未必可以即時解決管理層方面的問題。此外,今年以來兩個品牌的開店表現亦差過預期,加上銷售復甦緩慢,故將公司2021-22年每股盈測降22-23%,目標價由18.8元降至10.8元。

該行指出,今年以來公司開設20家呷哺呷哺分店及4家湊湊分店,暫時跑輸全年目標,此外呷哺的復甦情況到4月份僅回復至疫情前不足80%,而湊湊則為疫情前的90%,比例差過3月份,表現亦差過同行九毛九(09922.HK),考慮到近期管理層轉變,認為復甦步伐的可見性較低。

該行估計公司呷哺品牌短期前景仍受壓,公司或需要更多時間解決跨地區擴張的問題,雖然公司正研究員工獎勵計劃,不過相信難解決短期管理問題,並將令經營開支提升,拖累盈利能力。(el/u) ~

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