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大摩調整對餐飲股評級及目標價,看好海底撈、九毛九等

大摩發佈研究報告稱,估計$海底撈(06862.HK)$、$九毛九(09922.HK)$及$呷哺呷哺(00520.HK)$今年淨利潤平均超過2019年水平45%。對三者2023/24年淨利潤預測較市場普遍預測高24%/22%,而收入預測則與市場普遍預測相近;並認爲今年經營利潤率將接近疫前水平。考慮到基本因素及風險回報,看好海底撈、九毛九。

該行認爲,雖然上述股份的股價去年底以來反彈,但仍然被低估。現價未反映年內餘下時間即將來到的報復性支出及需求正常化,而市場也低估經營槓桿能力,相信農曆新年假期後的回調提供了良好的吸納機會。

此外,今年三月份即將公佈的2022年業績將標誌着最後一輪下調盈測,若5-7月出現報復性支出階段,相關股份股價應有正面反應。而8月公佈今年上半年業績時,可能會令市場有驚喜,在更多基礎數據支持下,公司指引可能會變得更具建設性。

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