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《大行報告》中金下調百勝中國(YUMC.US)目標價至69.6美元 料次季經調整淨利潤按年增121%
中金發表報告,預計百勝中國(YUMC.US)次季經調整淨利按年增加121%至1.86億美元,主要考慮去年同期疫情影響下收入利潤的低基數及公司持續降本增效,但部分被人民幣貶值影響抵銷。該行認為雖短期復甦或呈非線性波動,但公司憑借強品牌和內功或錄得比同行更穩健的同店恢復,且性價比路線在當前大環境下更有防禦性。 中金認為,在消費環境疲軟下,性價比、場景靈活(堂食+外賣)、高復購的快餐業態具有一定防禦屬性。近期商務部等部門提出推動出台支持恢復和擴大消費的一系列政策措施。關注後續消費力復甦接替場景復甦驅動下一階段餐飲消費恢復。 中金指,考慮非線性同店復甦和人民幣貶值影響,下調今明兩年經調整淨利潤各7%,至分別9.52億和11.72億美元,維持予其美股「跑贏行業」評級,下調目標價7%至69.6美元。
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