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《大行報告》瑞信上調百勝中國(09987.HK)目標價至557元 評級「跑贏大市」
瑞信發表報告指,百勝中國(09987.HK)去年第四季收入按年下跌9%至20.88億美元,經調整純利則為5,200萬美元,撇除以市值計價投資的損益為按年增長137%。雖然收入較該行預期疲弱,但盈利表現符合預期,主要受到具韌性的毛利表現支持。 該行表示,集團去年第四季業績強韌,加上今年初至今銷售復甦有上升趨勢,農曆新年期間的同店銷售按年增長中單位數,為其未來門店擴張及經營槓桿帶來毛利率改善注入信心。 瑞信上調百勝中國港股目標價,由520元升至557元,評級維持「跑贏大市」,並預期集團今明兩年同店銷售增長13%及3%,門店數目兩年各增長9%,餐廳毛利率分別16.3%及16.6%。
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