《大行報告》摩通降百勝中國(YUMC.US)評級至「中性」 目標價下調至38美元
摩根大通發表報告指,以餐飲公司三大基本因素分析,即供應鏈、店鋪營運及創新方面,百勝中國(YUMC.US)均優於同業,該行對其長期前景亦感到正面,但關注短期或受內地需求增長放緩影響,增加折扣推廣將會影響利潤率。另一方面,內地主要品牌擴充門店,行業供求失衡,在價格恢復正常之前,行業利潤率壓力將會加劇。
該行對百勝中國今明兩年的每股盈利預測,較市場預測低7%至11%。自2020年1月百勝中國股價跑贏恆指31%,相信利潤率的壓力未於股價完全反映,將其美股評級由「增持」下調至「中性」,剔出首選股名單,並置於負面觀察名單,預期在2月7日公佈業績前或當日股價將波動,目標價由65美元下調至38美元,較現價有大約12%潛在跌幅。
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