《大行報告》麥格理降九毛九(09922.HK)目標價至23元 評級「跑贏大市」
麥格理發表報告指,內地餐飲業復甦將被近期多個地區的疫情所推遲,但相信九毛九(09922.HK)的表現將繼續優於同行,重申「跑贏大市」評級,目標價由39元下調至23元。同時將2021財年和2022財年的盈利預測分別下調12.9%和24.3%,以反映疫情帶來的影響。
麥格理渠道檢查顯示,由於不同省份的零散疫情,相較疫情前2019年同期,去年第四季的同店銷售跌幅有所擴大。雖然九毛九亦難以避免消費情緒的疲軟,但相信其年輕客戶群和品牌吸引力有助表現超越同行。而太二在去年開設了117家門店,令門店總數達到350家,認為太二在不同級別的城市都具有充足的擴張空間。另外,隨著投資的養魚場的魚供應量逐漸增加,鱸魚的採購價格應逐漸趨降。在強勁品牌下,公司具提價能力,料成本通脹可控,今年可維持穩定毛利率。
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