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《大行報告》瑞信下調百勝中國(09987.HK)目標價至551元 評級「跑贏大市」
瑞信發表研究報告指,百勝中國(09987.HK)預期由於疫情影響,8月份同店銷售額按年下降約13%至17%個百分點,與2019年8月比較更下降約20%,令第三季撇除特別項目的經調整經營利潤,或按年下跌約50%至60%。 另外公司預期由於原材料價格優勢逐漸減少、工資上漲壓力、公司爲增加客流推出優惠促銷等因素的影響,餐廳利潤率將進一步受壓。 該行認爲,百勝中國第三季表現令人失望,是內地餐飲業的縮影,指出中國8月份餐飲銷售額按年跌4.5%至3,450億元人民幣,較7月份按按年增長14.3%情況扭轉,8月下旬情況趨於穩定,但預期福建等地最新疫情或將繼續拖累餐飲業9月的復甦步伐。 該行預期,雖然百勝中國短期迎經營壓力,但對其長期增長前景預測保持不變,維持「跑贏大市」評級,將2021至2023年盈利預測分別下調16%、3%及3%,目標價由559元下調至551元。
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