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《大行報告》美銀證券下調呷哺呷哺(00520.HK)目標價至8元 評級「跑輸大市」
阿思達克 09-01 09:47
美銀證券發表研究報告指,呷哺呷哺(00520.HK)上半年業績較疲弱,但大致符合早前公布預告,淨虧損錄5,000萬元人民幣,剔除關店減值後的利潤為6,900萬元人民幣。 考慮到資產減值損失及收入增長放緩,美銀將呷哺呷哺2021至2022年每股盈測下調74%及43%,指出由於核心品牌仍面臨壓力,門店關閉和銷售效率低下,加上疫情影響及管理層變動後的營運不確定性,維持謹慎看法,重申「跑輸大市」評級。 美銀指出,7月下旬以來疫情再爆發,呷哺及湊湊分店營運狀況為2019年同期的約70%及90%,8月份料進一步降約10%至20%,門店擴張計劃可能被推遲。該行指,雖然關閉虧損門店可能有助於減少虧損,但下半年人工和租金成本再下降空間較少,因此預計下半年增長及盈利能力仍將面臨壓力,目標價由9.7元下調至8元。
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