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《大行報告》瑞銀下調百勝中國(YUMC.US)目標價至70.5美元 評級「買入」
瑞銀發表報告指,百勝中國(09987.HK)(YUMC.US)第三季收入按年增長9%,經調整淨利潤增長19%,分別較該行預測低6%及15%,主要是由於期內市場需求仍然未完全恢復,競爭加劇,令同店銷售表現較預期弱所致。 管理層透露,隨著消費者對產品性價比的要求不斷提高,今年9月以來的需求復甦步伐維持疲軟,預計2023年全年同店銷售將達到2019年同期的90%。 由於第三季業績較差,以及第四季同店銷售前景受壓,瑞銀因此將百勝中國2023至2025年每股盈利預測削減10%至11%,憧憬加快股票回購將為股價帶來支持,美股目標價由78美元降至70.5美元,維持「買入」評級。
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