《大行報告》野村下調百勝中國(09987.HK)目標價至454.5元 評級「買入」
野村發表研究報告指,百勝中國(09987.HK)2021年第四季受到疫情負面影響,收入僅按年增長1%,剔除非現金項目及一次性項目,調整後淨利潤按年跌93%,主要由於期內成本基礎較高,人力開支壓力較大,員工成本佔比提升至銷售額的約27.9%。
百勝中國2021財年銷售額按年增長19%,主要受門店數量增長至11,788家所帶動;全年調整後淨利潤按年跌15%,較市場預期低約20%。管理層預期去年11月同店銷售額下跌幅度達十數個百分點,至12月跌幅有所收窄,並預期1月份同店銷售額較去年第四季略有改善。
內地肯德基品牌全年銷售額按年增長8%,同店銷售下跌3%,被門店數量增加14%所抵銷,由於員工成本上漲,餐廳利潤率下降1.4個百分點至14.9%。而Pizza Hut期內銷售額則增長14%,主要來自於同店銷售增長7%及門店數量增加10%。該行認爲,肯德基表現相對較差,是由於其對旅遊和交通樞紐的依賴程度較高,期內疫情對人流影響更爲明顯
野村將百勝2022至2023財年淨利潤預期削減22.2%至26%,重申「買入」評級,目標價由550.9元下調至454.5港元,指出公司目標今年淨增加1,000至1,200家新店,相信有助部分抵銷同店銷售的疲軟表現。
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