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《大行報告》野村上調九毛九(09922.HK)目標價至21.3元 評級「買入」
阿思達克 09-21 09:58
野村發表評級報告指,由於下半年內地新冠疫情反覆,現時仍看到九毛九(09922.HK)的到店流量疲軟及行業銷售承壓,惟在其網絡持續拓展及多品牌戰略的支持下,該行相信公司明年收入表現或會更具韌性。 該行相信,公司今年開設120間新店目標,看似可實現,而從長遠來看,其店舖密度仍然較低,並繼續相信「太二」品牌仍有充足的擴張空間;該行指,現時可看到公司轉型的進展,亦意味著即使處於疫情下,公司利潤率仍有所改善,並受惠於持續優化的店舖模型。 該行認為,公司長期增長潛力維持不變,惟認為短期銷售仍然承壓,故將公司2022至2024年各年淨利潤預測下調介乎21%至47%,以考慮上半年業績表現及該行對今年銷售假設更趨保守。 該行將其目標價由19.5元上調至21.3元,維持其評級為「買入」。
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