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大和:上調百勝中國(9987.HK)評級至買入 降目標價至467.4港元
格隆匯 02-10 13:02

百勝中國(9987.HK)日前公佈去年第四季以及全年業績。大和發表研究報吿指,肯德基和必勝客的同店銷售分別按年跌12%及8%,目標在今年新開1000至1200家門店,指出在疫情影響下其復甦進程斷斷續續。該行將其評級由“優於大市”上調至“買入”,目標價則由544.5港元調低至467.4港元,以反映整個行業將迎來重新評級,及同店銷售復甦上的不確定性。

報吿指,雖然第四季傳統是淡季,但其復甦進程無疑受到變種病毒在季內爆發而雙重打擊,導致重大的業務停擺和銷售去槓桿化影響。管理層指,集團在農曆新年表現較去年第四季略有改善,但同店銷售按年仍見向下。管理層仍致力於其RGM戰略(韌性、增長和護城河),並將繼續專注於產品創新、價值促銷、場外活動以及提高運營效率。

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