高盛:維持百勝中國(9987.HK)買入評級 目標價下調至568港元
高盛發表研究報吿,將百勝中國(9987.HK)目標價由599港元下調至568港元,維持買入評級。該行下調對集團2021至2023年淨利潤預測3至18%,以反映同店銷售復甦慢,以及去槓桿的壓力增加。
但高盛亦提到,在其覆蓋的餐廳範圍內,集團仍處良好位置,因業務較多涉及大眾市場,在消費環境疲弱的情況下,應相對有韌性;店鋪回報穩健增長,仍有增長空間;以及數碼化及供應鏈強,可支持更具韌性的商業模式。
該行表示對集團長期增長機會持正面態度,因其強大的品牌定位、創新能力、執行效率及嚴格的成本管理,而集團資產負債表強勁,可支持其擴張,並帶來潛在的市場份額增長。

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