大行評級|招銀國際:下調大家樂目標價至9.3港元 上半財年業績令人失望
招銀國際發表研報指,雖然大家樂2025上半財年業績令人失望,但期內股息按年持平,考慮到其股息回報率相對較高,以及業務較具防守性,因此仍維持“買入”評級。
招銀國際將大家樂的目標價從11.15港元下調至9.3港元,以反映同店銷售增長低於預期、營運槓桿水平較高,以及新店擴張速度較慢,2025至2027財年淨利潤預測亦相應下調24%、25%和27%。該行表示,目前未見到經濟前景和消費者行為出現實質改善,預計2024年下半年及2025財年同店銷售增長及利潤僅會持平或小幅增長。
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