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《大行》瑞銀降蜜雪集團(02097.HK)評級至「沽售」 估值已高於內地新型消費股同業
阿思達克 06-06 10:37
瑞銀發表報告指,蜜雪集團(02097.HK)的估值過高,現價相當於預測今明年兩年預測市盈率43倍及36倍,相當於動態市盈率2.2倍(對比中國新型消費股同業的動態市盈率1.9倍),加上海外復甦速度較預期緩慢,因此將蜜雪集團評級由「中性」下調至「沽售」,目標價則由435.59元升至477.13元,相當於預測今明年兩年預測市盈率33倍及28倍,動態市盈率1.7倍。 該行指出,集團受惠於強大的供應鏈能力、價值主張和穩健的特許經營模式,其國內業務保持強勁的增長勢頭。然而,由於競爭日益激烈,其海外業務遭遇挫折。 該行相信,蜜雪集團將於未來3至4年維持每年開店增長率15%,並於2028年達到7萬間店舖。另外,該行預期集團在東南亞市場仍有長期增長潛力,預料集團明年海外營收佔總營收的比例將放緩至4.5%,並於2028年回復至5.3%。 瑞銀料蜜雪集團2025年及2026年每股攤薄盈利預測各為13.29元及15.93元人民幣,按年升7.8%及19.9%。
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