《大行報告》摩通上調百勝中國(YUMC.US)目標價至75美元 評級「增持」
摩根大通發表報告指,百勝中國(YUMC.US)首季業績強勁兼創新高,系統銷售按年增長17%,同店銷售按年增長8%,核心盈利按年增長148%。剔除一次性收益,營業利潤率擴大540個基點至13.5%,主要受到銷售槓桿和生產力及效率提高所帶動,抵銷了更高的促銷成本和工資上漲的拖累。
該利認為,今年第一季表明了集團利用其完善的平台和創新能力的出色執行力,尤其是當肯德基及Pizza Hut的期內同店銷售比2019年同期分別低8%及4%,表明其銷售槓桿的巨大潛力。該行將集團的盈利預測上調2%至6%,並將目標價由67美元上調至75美元,予「增持」評級,認為集團在經濟復甦前景不佳或對宏觀經濟強勁反彈缺乏信心的情況下,應成為中國投資組合的核心持股。
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