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《大行報告》瑞信升百勝中國(09987.HK)目標價至520元 受惠明年內地重新開放
瑞信發表研究報告指,預期餐飲業將成爲內地重新開放的其中一個主要受益者,行業中首選百勝中國(09987.HK),該行料集團將保持跑贏大市。考慮到2022年第四季起的疲軟,該行下調集團2022年盈測,該行預計,今年第四季集團將因季節性和疫情復甦的影響而走弱,轉化成同店銷售復甦緩慢,及有更多餐廳暫停營業。 該行對第四季同店銷售增長預測爲下跌0.5%;收入按年增長0.3%至22.98億美元;淨利潤按年增2.6倍至4,000萬美元。 該行預計明年第一季內地的堂食流量仍將充滿挑戰,並從第二季開始加速恢復。在2023/24年,預計淨開店1,200至1,300間,同店銷售分別增加12%和3%。對公司股份目標價由458元,上調至520元,維持「跑贏大市」評級。
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