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《大行報告》野村上調百勝中國(09987.HK)目標價至606.1元 評級「買入」
阿思達克 06-02 09:57
野村發表報告,隨著內地首季交通運輸恢復,帶動百勝中國(09987.HK)交通樞紐地區店舖銷售增長,今年首季「肯德基」和「必勝客」分別佔總銷售額28%和35%,其平均價格一直呈上升趨勢,主要是受到外賣日益普及,而外賣價格亦較高。

該行指,百勝中國亦一直嘗試以新的小店形式,專注於外賣業務,相信可以藉此降低開店成本和增加店面密度來提高效率,將2021財年的銷售預測提高5.6%,目前預計2021和2022財年的銷售增長分別為26.4%或8.5%。

野村對百勝中國的業務收入增長持樂觀態度,認為相關增長可由網絡擴張、在店外渠道的能力增長和新興的咖啡業務推動。鑒於交通樞紐地區店舖銷售改善、百勝中國第一季度開店數量高於預期以及有利的匯率,將2021財年的每股盈利增長預測提高5.8%,目標價由537.9元升至606.1元,評級「買入」。

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