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《大行報告》建銀國際下調海底撈(06862.HK)目標價至24.8元 評級「跑贏大市」
建銀國際發表報告指,海底撈(06862.HK)以26億日圓(約1.36億元人民幣)向特海國際(09658.HK)收購日本酒店項目,初次進入日本酒店及溫泉管理業務,收購估值相當於今年8月底市賬率1倍,海底撈於6月底持有淨現金80.55億元人民幣,足以應付收購資金。 該行指,海底撈一直尋求可持續的收入來源﹐不過酒店是公司並不熟悉的行業,因此收購屬市場預料之外,相信短期對利潤率及盈利增長造成壓力,而溫泉渡假村於2027年落成,亦可能需要公司作出大額投資。 建銀國際認為,今次收購有助業務多元化,但需要時間證明是否成功,對海底撈投資評級為「跑贏大市」,目標價由27.4元下調至24.8元,以反映有關收購對盈利前景的風險。
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