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《大行報告》瑞信下調呷哺呷哺(00520.HK)目標價至9元 評級「跑贏大市」
阿思達克 08-31 15:37
瑞信發表的研究報告指,呷哺呷哺(00520.HK)上半年收入30.47億元人民幣(下同),按年升59%,期內淨虧損5,000萬元,去年同期則錄2.55億元淨虧損,符合之前發出的盈警。該行指出公司上半年表現弱勢,主要因爲同店銷售復甦較慢,加上餐廳利潤收窄,而今年計劃關閉200家呷哺呷哺分店,導致減值撥備虧損達1.19億元。 瑞信指出上半年呷哺呷哺及湊湊翻檯率復甦至2.3次及2.6次,不過平均單規模則降至62元及136元,分別按年跌1.7%及3.4%,公司計劃加快擴張湊湊,但在進一步擴張前先重整呷哺呷哺品牌。上半年公司開設40家呷哺呷哺分店及9家湊湊分店,同時關閉了24家虧損的呷哺呷哺門店。 該行將公司2021至2023年各年收入預測降11%、10%及7%,每股盈測降61%、31%及15%,目標價由12港元降至9港元,評級維持「跑贏大市」。
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