《大行報告》瑞銀下調呷哺呷哺(00520.HK)目標價至9.91元 評級「買入」
瑞銀髮表的研究報告指,正如之前發出的報告估計呷哺呷哺(00520.HK)上半年將錄淨虧損,主要因爲關閉門店開支撥備,而公司發盈利預告則料收入將按年升59%至31億元人民幣(下同),符該行預期,並料淨虧損介乎4,000萬至6,000萬元,差過該行預期,主要因爲疫情於5-6月重現令復甦轉弱,同時關閉的門店亦較原先估算多。
該行指出上半年公司錄虧損主要因爲關閉門店的資產減值撥備達1.2億元,根據管理層指引,今年將關閉約200家虧損的餐廳,高於該行原先估計的100-150家;部分分店所在的地區疫情重現,未能全面復業,相信業績弱勢亦解釋了CEO換人的理由,相信2022年隨着虧損分店關門,公司盈利能力將有改善。另外,呷哺品牌在南方的盈利能力低於北方,相信關店是解決問題的必經之路,而被關的店鋪亦主要位於南方,相關分店多年來一直拖累公司盈利能力,而部分北方的分店亦面對客流結構性下跌情況。
該行預計盈利預告後投資者將有負面反應,將公司目標價降至9.91港元(原本11港元),並將2021-23年淨利預測削15-31%,以反映關店及復甦較慢的影響,維持「買入」評級,認爲旗下品牌湊湊擴張是增長引擎,而呷哺品牌在關閉虧損門店後盈利能力改善亦有推動作用。(el/u) ~
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