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《大行報告》瑞銀上調百勝中國(YUM.US)目標價至71美元 評級「買入」
瑞銀發表研究報告指,去年第四季百勝中國(09987.HK)(YUM.US)營業額按年下跌9%至20.9億美元,撇除匯兌影響則增長2%,受到餐廳臨時關閉及堂食人流減少的影響,業績表現低於預期。調整後經營利潤達4,000萬美元,亦較該行預期的7,900萬美元低。 公司去年第四季同店銷售按年下跌4%,當中肯德基及必勝客分別下跌3%及8%,去年11月最高峰時期有4,300家餐廳(佔總數33%)無法提供堂食服務,至12月則減少至約1,300家(佔總數10%)。瑞銀指出,由於位於交通樞紐的分店佔比較多,因此肯德基表現較必勝客強,預期公司今年首要任務將是通過持續的營銷活動、菜單創新及提供高性價比產品來推動銷售。 管理層預計今年成本將出現低單位數上升,而勞動力成本升幅則恢復至中至高單位數的正常升幅,預期今年將淨增1,100至1,300家餐廳,資本開支約7億至9億美元。 瑞銀將百勝中國2023至2025年每股盈利預測上調13%、7%及5%,以反映重新開放後同店銷售復甦、2022年高於預期的門店基數以及餐廳經營槓桿和效率提升將帶動利潤率改善,美股目標價升至71美元(原本65美元),維持「買入」評級。
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