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大行評級|麥格理:上調百勝中國目標價至420港元 增長能見度提高

麥格理髮表研報指,百勝中國第三季收入按年增長5.4%,符合預期。核心經營利潤按年提升18%,超出該行及市場預期約7%及9%。今年首九個月,旗下肯德基及必勝客新店加盟比例達到27%及7%,管理層預吿未來幾年該兩個品牌新開門店中,加盟店比例將分別提升至介乎40%至50%及介乎20%至30%。同時,百勝中國宣佈計劃進一步提升股東回報,將2024至2026年三年間股東回饋金額由30億美元增加至45億美元。

基於股東回報提升,以及第三季業績表現,麥格理將百勝中國2024至2026年純利預測分別上調6%、6%及19%,認為其經營槓桿不斷改善,增長能見度提高,目標價從291港元提升至420港元,對應2025年預測市盈率倍數由15倍調高至20倍,維持“跑贏大市”評級。

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