《大行報告》中金:百勝中國(YUMC.US)首季業績超預期 目標價上調至75美元
中金發表研究報告指,百勝中國(09987.HK)(YUMC.US)首季調整後經營利潤按年增長近1.2倍,剔除匯率因素更增長逾1.3倍,同店銷售按年增長8%,餐廳層面經營利潤率按年提升6.5個百分點至20.3%。中金指出利潤率及同店銷售均超出該行預期,相信在市場復甦大趨勢下公司可穩健擴張,達成增長指引可能性較高。
中金又估計,五一勞動節假期首兩日百勝中國的同店銷售較2019年同期有低個位數差距,較農曆新年假期的高單位數百分比差距收窄。期內肯德基和必勝客新店仍維持2年和3年投資回收期,公司維持全年淨增1,100至1,300家新店的指引不變。
中金表示,看好百勝中國的品牌、數字化和供應鏈能力,將美股目標價上調至75美元,考慮銷售提振及降本增效成果超出預期,將全年經調整淨利潤預測上調22%至10.28億美元,明年預測上調11%至12.65億美元,維持「跑贏行業」評級。
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