《大行報告》麥格理下調呷哺呷哺(00520.HK)目標價至11.4元 評級「跑贏大市」
麥格理髮表研究報告指呷哺呷哺(00520.HK)預警上半年錄虧損4,000萬至6,000萬元人民幣,收入則預告增長59%。虧損主因有關店等合計1.2億元人民幣一次性減值支出。該行預期短期內公司仍處於轉化階段,在5月高管人員變動後,創辦人及主席賀光啓將執掌領導公司。
該行指,目前公司轉型階段包括店鋪網絡調整,以達至更好增長,預期下半年關店數量會遠少過上半年的200間,相信管理層首要力求改善呷哺呷哺品牌的盈利能力。集團旗下湊湊卻在擴張階段,但速度較慢,該行看好其前景,料湊湊品牌有大量發展空間。
該行降公司今明兩年盈利預期分別58.3%及24.2%,以反映上半年盈警的數字,目標價由15元降至11.4元,評級維持「跑贏大市」。在內地餐飲行業中,該行的首選爲九毛九(09922.HK)。
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