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《大行報告》瑞信下調呷哺呷哺(00520.HK)目標價至8元 評級「跑贏大市」
阿思達克 01-12 13:49
瑞信發表報告表示,去年下半年呷哺呷哺(00520.HK)品牌繼續受到客流和店舖收入恢復緩慢的影響,去年下半年與2019年下半年相比,呷哺呷哺月度同店銷售恢復率約70%至80%,而湊湊則恢復為80%至90%。預期集團去年凈關閉超過約200家呷哺呷哺,並開設約45家湊湊。 該行料,在去年大規模關店之後,公司將優先考慮改造和振興呷哺呷哺品牌,然後才能重新進入增長軌道,並在充滿挑戰的環境下對湊湊的擴張更加謹慎。在2022和2023年,預測呷哺呷哺的凈開店分別為20家和30家,之前預測為30家/30家;湊湊料淨增50家/70家,之前預測為90家/90家。 報告又指,將其2021至2023年盈利預測分別下調58%/23%/26%,意味著2019年至2023年期間的年複合增長率為14%,目標價相應由9元降至8元;但認為呷哺呷哺估值不高,而未來疫情正常化或推動股價回升,予「跑贏大市」評級。
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