大行評級|美銀:維持麥當勞目標價為288美元 銷售增長放緩下利潤率擴張機會有限
美銀證券指,對麥當勞的樂觀情景預測是基於利潤率上升,尤其來自一般及行政成本降低。縱使麥當勞第二季業績顯示有關預期仍可實現,但至今不足抵銷疲軟收入的影響。該行重申對麥當勞“中性”評級,基於銷售增長放緩下利潤率擴張機會有限,目標價維持288美元。
美銀指,麥當勞第二季收入導致每股盈利遜預期,反映公司面對持續挑戰,並可能意味需要更進取減價或推廣。美國分店同店銷售按年跌0.7%,差於該行預期的1%增長,意味業績電話會議中披露第二季初銷售大致持平後,銷售温和減速。基於相信公司產品維持高單位數升價,意味季內客流或銷售組合明顯轉差。此外,國際市場同售銷售按年跌1.1%或更令人失望,因該部分一直以來跑贏美國本土,國際授權店同店銷售表現則較接近市場預期,但地緣政治持續不穩,業績能見度仍然有限。
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