《大行報告》匯豐研究下調百勝中國(09987.HK)目標價至567.8元 評級「買入」
匯豐研究發表報告指出,相對於2019年,百勝中國(09987.HK)在今年第三季之前實現強勁的毛利率擴張。儘管公司第三季收入增長符合預期,惟價值活動阻礙毛利改善勢頭。
該行認為,百勝中國的毛利改善情況或非線性,主要取決於競爭環境,該行重新設定對公司的毛利預測,並將公司2023至2025財年純利預測下調11%至13%,下調收入預測1%至2%。此外,公司承諾在2024至2026年間提供30億美元的總回報,或可支持股價。長遠而言,該行仍相信一旦競爭減弱,肯德基的盈利能力有望提高。另外,該行料必勝客透過開設衛星店能提高毛利。
該行將百勝中國的目標價由617.8元下調至567.8元,維持對其「買入」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.