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《大行報告》招商證券下調百勝中國(09987.HK)目標價至391.3元 評級「增持」
招商證券發表報告指,百勝中國(09987.HK)仍是該行最偏好的餐飲公司。公司上月在杭州開設第10,000萬間肯德基餐廳,未能達到該行原先估計第四季度末有10,216間的預測,但相信公司仍然可以達到2023財年新開業1,400至1,600間的指引。該行藉此調低餐廳數量的假設,並調整匯率影響及利潤率假設,2023、2024及2025財年每股盈利預測,分別下調6.8%、7.1%及9.1%,目標價由452元下調至391.3元,維持「增持」評級。 該行預計,百勝中國2024財年收入的75%來自肯德基,相信百勝中國是該行覆蓋的餐飲公司中,最有能力抓住消費者對大眾市場產品需求下降的趨勢。目前,百勝中國的市盈率較歷史平均水平低一個標準差以上,且接近歷史低點。
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