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《大行報告》瑞銀下調呷哺呷哺(00520.HK)目標價至9.5元 評級「買入」
阿思達克 09-01 11:17
瑞銀發表研報指,呷哺呷哺(00520.HK)上半年收入按年增長59%,淨虧損錄5,000萬元人民幣,與早前盈警一致,整體翻檯率回升至2.3次。 報告指出,7月份呷哺呷哺及湊湊兩個品牌翻檯率恢復到2019年同期的70%及90%以上,但由於疫情再度爆發,8月份情況有所回落。公司推出新薪酬計劃,通過分享門店利潤來激勵前線員工、門店經理及區域負責人,並將管理層的薪酬與公司盈利能力掛鉤,預期對整體盈利能力有正面作用。 瑞銀提到,管理層正在開發新的子品牌呷哺呷哺X,目標平均消費水平為90元人民幣,同時維持呷哺呷哺品牌在大眾市場定位,平均消費料達50至60元人民幣,預期兩個品牌之間存在明顯差異。 該行將2021至2023年每股盈測分別下調23%、7%及6%,指出疫情影響持續,加上門店擴張計劃放慢,將目標價由9.91元降至9.5元,維持「買入」評級。
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