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《大行報告》匯豐研究下調百勝中國(09987.HK)目標價至445.4元 評級「買入」
匯豐研究發表報告,近期內地疫情封鎖措施對百勝中國(09987.HK)首季業績產生負面影響,但下半年將有低基數因素作支持。目前管理層預計第二季將出現營運虧損。對H股目標價由484.4元下調至445.4港元,評級「買入」。 匯豐研究將KFC和Pizza Hut第二季的同店銷售預測分別由之前的降1.1%和降4.8%,下調至降9%和降7%,料第二季的營運虧損爲1.74億美元。該行料下半年KFC的同店銷售將按年持平,Pizza Hut將按年增長6.4%。 該行料百勝中國收入增長由上半年預測的1.5%加快至下半年預測的8.9%,同時營業利潤率將由上半年0.3%回升至6.5%。在反映上述變化並將特許經營權的攤銷從之前的4,900萬美元提高到1.02億美元後,全年營運利潤料爲3.62億美元,之前預測爲8.98億美元。
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