《大行報告》野村下調百勝中國(09987.HK)目標價至411元 評級「買入」
對於深圳封城,野村認爲,百勝中國(09987.HK)在深圳擁有約400間餐廳,佔其中國總網絡的3.5%。百勝在餐廳同行中擁有最高的外賣能力,2021財年肯德基及必勝客的場外銷售佔比約爲60%及43%,故相信即使封城,仍能錄得銷售。
至於遭美國列入「預定摘牌名單」,野村稱,雖然投資者擔心百勝在美股及港股交易量有差異,然而,若百勝將其港股改爲第一上市,將有資格進行南向交易港股通,或會改善交易。百勝目標2022年淨增加1,000間至1,200間新店,料可部分抵銷同店銷售疲軟,尤其2022年下半年。
野村基於更保守的同店銷售假設,將百勝2022年及2023年淨利潤降低5%至5.4%,反映中國加強防疫措施,將百勝目標價由454.5元調低至411元,重申評級「買入」。(me/u)
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