《大行報告》麥格理降呷哺呷哺(00520.HK)評級至「中性」 目標價下調至5.2元
麥格理發表研究報告,將呷哺呷哺(00520.HK)2021至2022財年盈利預測下調65.6%及57.9%,以反映疫情爆發對近期經營情況的影響,預計疫情減緩銷售復甦,公司將要經歷長期轉型,盈利回復時間表的可見性有限,因此將評級下調至「中性」,建議投資者保持觀望態度,目標價下調至5.2元。
該行指,疫情多次爆發的情況下,呷哺呷哺去年第四季同店銷售有所放緩,較2019年同期水平低逾30%,同期湊湊品牌表現相對較好,11至12月同店銷售跌幅擴至較2019年同期低約20%;預計毛利率將在2022年收窄至61.3%。
管理層去年決定關閉200家門店,以提高運營效率,預計呷哺呷哺門店擴張步伐只有在管理層最終確定新業態時才會加快,預計湊湊今年將開設60家店,大部分會在下半年開業。
麥格理預期呷哺呷哺2021至2022財年盈利分別達到4,070萬和1.39億元人民幣,收入預測分別下調 15.5%及20.4%,經營利潤率預測則下調1個百分點及2.1個百分點,至2.5%及4.1%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.