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《大行報告》大和下調呷哺呷哺(00520.HK)評級至「持有」 面對不斷惡化宏觀逆風
阿思達克 12-19 14:48
大和發表研究報告指,呷哺呷哺(00520.HK)年初至今的品牌勢頭令人鼓舞,但湊湊仍在面對翻桌率等不斷惡化的宏觀逆風。該行預期市場將下調集團2024至25年的盈利預測,且股價上升空間有限。因此,該行將公司評級從「買入」 下調至「持有」,目標價由6.4元降至2.6元,並建議投資者保持觀望態度,以等待湊湊表現好轉。該行又下調集團2023至25年的每股盈測28至39%。 該行預計,湊湊今年新店數量將低於預期,僅增加30間,而約400平方米的新開店舖的表現較2021至22年間開設的約600平方米大型店理想。該行指,除了湊湊自身的品牌疲弱,其高端品牌定位亦正在承壓,預計管理層將在明年縮減湊湊在中國的擴張,同時專注於重塑品牌和商業模式,不過,料海外擴張將會持續。對於呷哺呷哺,該行預期2024至25年的擴張速度將較今年放緩,預計管理層將在2024至25年優先考慮商店層面的利潤率優化。
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