《大行報告》美銀證券下調百勝中國(09987.HK)目標價至452元 評級「買入」
美銀證券發表評級報告指,在內地疫情最嚴重的時候,百勝中國(09987.HK)公布次季營業利潤為8,100萬美元,優於公司提出或出現營運虧損的指引,該行指這是主要受到公司敏捷的營運和卓越的利潤管理。
該行指,隨著疫情緩和,公司同店銷售額跌幅也在6、7月收窄;即使內地疫情仍有不確定性,以致近期復甦軌道不穩定,該行相信內地逐步開放是一個好兆頭,代表著內地正在恢復正常,而由下半年起,寬鬆競爭亦會開始出現。
該行表示,百勝中國仍享有最強韌性、具防守性商業模式,相信可以支持公司有穩定的長期前景;該行將公司今年及明年的每股盈測分別下調46%及10%,以反映疫情影響其生意營運及盈利能力,同時將其目標價由475元下調至452元,降5%,重申其評級為「買入」。(ca/u)
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