《大行報告》野村下調海底撈(06862.HK)目標價至23.1元 新收購協同作用有限
野村發表報告指,海底撈(06862.HK)向特海國際(09658.HK)收購日本酒店項目,以隱含市賬率0.96倍而言,收購溢價約1,740萬美元,收購的核心業務為日本酒店管理,與海底撈核心的內地餐廳業務,協同效益有限。
該行指,雖然海底撈具有充足現金,截至6月底有79億元人民幣,但溢價收購並非運用現金資源的最好方法,例如可以投資於擴充店舖及提升供應鏈。令該行更關注的是,關連交易引起市場對企業管治的注視,可能成為長期估值的陰霾,將目標價由26.5元下調至23.1元,評級「買入」。
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