《大行報告》瑞信降海底撈(06862.HK)評級至「中性」 目標價維持50元
瑞信發表研究報告指海底撈(06862.HK)過去一個月股價反彈約20%後,潛在進一步上行空間料有限,維持目標價50元,但投資評級由「跑贏大市」降至「中性」,並認為該股復甦需時及需要耐性。
報告估算公司上半年淨開店285家,翻檯率復甦至2019年上半年的70%。該行估算海底撈上半年收入及純利分別207億及13億元人民幣,意味收入按年升113%,較去年下半年亦升10%。
展望今年下半年,該行料海底撈復甦步伐呆滯,將策略性放緩擴張步伐,亦優先提升現有門店經營。該行料其下半年淨開店210家,翻檯率料復甦至2019年下半年的82%;而若復甦慢於預期或促使該行下調其新增門店預測。
瑞信續稱,現時公司估值相當於明年預測市盈率34倍,料2019至2022年純利年均複合增長38%,其高估值需要更清晰的經營復甦信號或新增長引擎所支持。
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.