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《大行報告》瑞信下調九毛九(09922.HK)目標價至23元 評級「跑贏大市」
阿思達克 01-12 14:16
瑞信發表報告,將九毛九(09922.HK)2021、2022及2023年的盈利預測分別下調11%、19%及19%,目標價由33元下調至23元,評級「跑贏大市」,料2022年和2023年的凈利潤按年分別增長75%/42%,是該行在餐飲股的首選。 瑞信指,去年下半年受疫情影響,九毛九實現按部就班的門店擴張,惟銷售復甦放緩。與2019年同期相比,去年下半年太二和九毛九的月度同店銷售恢復率在80%至90%之間波動,考慮到外賣業務的貢獻上升,料堂食恢復率為70%至80%。該行預計,太二在2022和2023年將各開設150家新店,並分別實現4.1次和4.2次的翻檯率。 雖然疫情帶來短期的挑戰,但該行認為九毛九在未來幾年有一條清晰的道路持續增長,因為太二品牌將繼續擴大門店基礎,而且新品牌將帶來進一步的上升空間。
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