《大行報告》瑞信降海底撈(06862.HK)目標價至25.5元 評級「中性」
瑞信發表研究報告,指近期渠道調查發現海底撈(06862.HK)對暫時關閉一些虧損分店以提升盈利能力態度轉趨開放。由於表現欠佳分店帶來的攤薄,公司復甦較市場同業爲慢;倘及時止損則意味短期痛苦,但長期有利,有望提振翻檯率復甦。
報告料今年海底撈約150家虧損分店將會關閉,高於先前預測的20家,主因該等分店連續多季虧損,亦無扭轉跡象。新開分店正處投資期,扭虧料需時。
該行下調海底撈2021至2023年各年淨增長分店數字預測,由原先的380、200及150家,下調至分別250、200及150家,上調翻檯率預測,由原先的3.1次、3.5次及3.6次,上調至3.1次、3.5次及3.7次。相應下調公司每股盈測分別59%、16%及10%。以現金流折現率計,下調目標價由32元降至25.5元,相當於2023年預測市盈率27倍,維持「中性」評級。
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