《大行報告》野村降百勝中國(09987.HK)評級至「中性」 目標價上調至417.3元
野村發表研報指,在市場經營環境波動下,百勝中國(09987.HK)第三季業績表現仍然勝預期,餐廳利潤率提升6.6個百分點至18.8%,純利更增長98%至2.06億美元,復甦勢頭及利潤率表現令人滿意,反映公司具有靈活的業務模式和敏捷的管理效率。
該行指出,雖然疫情持續影響及第四季存在季節性因素,但由於百勝中國旗下餐廳定位及成本管理能力強大,預計第四季及明年將實現具彈性業績,由於利潤率提高,相應將2022至2024年純利預測上調5.5%至8.1%。
野村將百勝中國目標價由386.2元上調至417.3元,但由於目前估值處合理水平,因此將投資評級從「買入」下調至「中性」,預期疫情影響下第四季堂食客流量及行業銷售都將表現疲軟。
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