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《大行報告》大和降九毛九(09922.HK)評級至「跑贏大市」 目標價維持18元
阿思達克 11-14 10:21
大和發表研究報告指,疫情影響下九毛九(09922.HK)近期有約40間門店需要暫時關閉,預期11月份同店銷售壓力仍然存在。由於市場情緒疲軟,公司下半年略微降價,相信對平均客單價有約1至2元人民幣的負面影響。 然而儘管食品成本上漲,大和預計九毛九的原材料成本將保持穩定,主要由於公司於今年初鎖定價格措施及供應鏈水平有所增強。管理層對開店計劃仍然樂觀,大和表示,公司的重慶火鍋品牌「慫」表現好過預期,料可成為第二增長動力。 近日中國防疫政策放寬,股價反彈反映出市場對於更廣泛開放的憧憬,大和認為股價上行空間較小,因此將評級從「買入」下調至「跑贏大市」,目標價維持18元,並將2022至2024年每股盈利預測下調20%至34%。
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