《大行報告》匯豐研究上調百勝中國(09987.HK)目標價至617.8元 評級「買入」
匯豐研究發表報告,指百勝中國(09987.HK)在投資者日公布三年增長目標,包括至2026年底前,每年淨增加約1,800間新店,將餐廳總數增至2萬間﹔毛利率、員工成本佔比及經營槓桿保持穩定。該行預期在2023至2025年,集團純利的複合年增長率22.8%,收入的複合年增長率10.9%。
報告指,百勝中國計劃三年斥資30億美元派息兼回購,增加投資者信心,消息推動股價上升,不過市場對於競爭加劇對盈利的影響仍然感到不安。該行認為,在公司穩定模式及可靠的經營歷史下,相信可以達成三年目標,不過若要說服外界,盈利可勝預期,公司需要展現每間店舖能夠提升銷售能力。
該行維持百勝中國H股「買入」評級,目標價由607.6元上調至617.8元。
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