《大行報告》大摩降海底撈(06862.HK)、九毛九(09922.HK)及呷哺呷哺(00520.HK)目標價
大摩發表報告,下調海底撈(06862.HK)、九毛九(09922.HK)及呷哺呷哺(00520.HK)目標價,維持對海底撈及九毛九的「增持」評級,並維持對呷哺呷哺「與大市同步」評級。
該行相信,該等股份目前受壓的估值,主要反映宏觀不確定性,但忽視個別企業經營改善及增長潛力。該行短期偏好海底撈,並見到九毛九長線價值。
該行指,社交平臺搜尋數據顯示海底撈在去年最後兩個月的熱門程度,較去年6月及7月更爲強勁,與市場對海底撈作爲成熟品牌的認知有分別。九毛九去年開設逾130間「太二酸菜魚」及逾30間「慫重慶火鍋廠」,超出市場預期,整體分店網絡按年升28%,且今年有更多分店開業,將支持今年收入增長。海底撈亦已逐步恢復擴張。
該行又預期,海底撈去年下半年至今年的盈利率將繼續超預期,其強勁資產負債表顯示或有潛在回購或增加派息可能。該行亦指,海底撈及九毛九在市盈率來看更具吸引力,九毛九在市盈增長率(PEG)及現金流折現模型(DCF)角度尤見吸引力,基於股價對比中期擴張目標有顯着折價。
以下爲大摩對上述三隻股份的投資評級與目標價;
股份│投資評級│目標價│2024年目標市盈率
海底撈(06862.HK)│增持│26元->20元│18倍
九毛九(09922.HK)│增持│19元->9元│20倍
呷哺呷哺(00520.HK)│與大市同步│4.3元->2.4元│18倍
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