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《大行報告》里昂:內地春節消費正面 但對人均支出感擔憂 降百勝中國(YUMC.US)評級至「跑贏大市」
里昂發表報告,將百勝中國(YUMC.US)投資評級由「買入」下調至「跑贏大市」,目標價維持46美元,目標市盈率為9倍,較上市以來平均低1個標準差。 該行指,市場憂慮境外遊及不尋常寒冷天氣或影響內地本土消費,但跨區域出行數字較2019年同期強勁顯示情況並非如此。然而,該行視價格疲弱仍為中國消費復甦的最大拖累,上月內地消費物價指數仍然疲弱,且發現春節期間打折活動多於往常。 該行亦綜合多隻餐飲股新春期間表現,指寒冷天氣令火鍋為熱門選擇,部分海底撈(06862.HK)分店「翻檯」超過6次,為2019年春節以來最繁忙。九毛九(09922.HK)山外面火鍋品牌在春節期間吸引特許經營商,但不少仍在初步磋商階段。百勝中國旗下肯德基(KFC)並非春節家庭聚會首選,但吉蒂貓(Hello Kitty)玩具看來頗受歡迎,外賣亦見增長。
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