《大行報告》大摩下調九毛九(09922.HK)及海底撈(06862.HK)目標價 降呷哺呷哺(00520.HK)評級至「減持」
摩根士丹利發表研究報告指出,於目前內地遏制疫情政策下,部分封鎖城市的餐廳暫停營運,使該行下調對今年上半年餐桌營業額預期。此外,在疲弱的消費環境下,加上火鍋業的競爭加劇,對餐廳營運商復甦帶來不利影響。
該行分別下調九毛九(09922.HK)、海底撈(06862.HK)及呷哺呷哺(00520.HK)今年純利預測14%、14%及94%,預期2022年下半年逐漸復甦,對2023年的盈利預測削減幅度較少。
摩根士丹利將海底撈目標價由26元下調至17元,但維持「增持」評級,認為其長期潛力保持不變,公司的60億元人民幣現金為其資產負債表提供良好的下行保護。
對九毛九同樣維持「增持」評級,認為公司於業內擁有最強大的營運模式,每家門店的員工更少,並有更高的交付銷售,其資產負債表壓力亦最小,但目標價由23元降至20元。
另認為呷哺呷哺較同業復甦慢,在疲弱的消費環境下所受的負面影響較大,將其評級由「與大市同步」下調至「減持」,目標價由5.7元下調至2.5元。
至於百勝中國(YUMC.US),該行考慮了其2022年第一季度的初步更新,並預計其業務相對於同行將保持相對韌性。該行調低百勝中國2022年每股收益預期23%,2023年預期亦降11%。目標價由64美元下調為62美元,重申「增持」評級。
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