《大行報告》大和上調百勝中國(09987.HK)目標價至544.5元 評級「跑贏大市」
大和發表研究報告,指百勝中國(09987.HK)首三季經調整盈利爲1.68億美元,按年跌48%,較原訂跌50-60%的預期爲佳,主因疫情擴散而帶來銷售去槓桿所影響,派季息0.12美元以及在季內回購57萬股股份。該行重申其「跑贏大市」評級,目標價由503.9元升至544.5元。
該行指,從第三季末表現來看,公司見持續改善,但相信復甦表現預期不平均,管理層對第四季(傳統表現較弱之季度)看法審慎,因對健康和安全協議較嚴謹、消費情緒較弱以及減少外遊等影響,公司應對的策略是會透過產品創新,以及推廣和改善經營效率等。管理層上調今年開店目標至1,700間,維持今年資本開支在7至8億美元。
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