《大行》招銀國際升九毛九(09922.HK)目標價至2.99元 續籲「持有」
招銀國際研究報告指,九毛九(09922.HK)旗下主要品牌太二今年次季的同店銷售跌幅逐季收窄,去到6月時收窄至單位數,而今年首季跌幅為21.2%。自去年減少折扣和推廣起,銷售均價亦更穩定。該行認為翻桌率已於去年末季見底,隨後逐漸改善,估算今年次季翻桌率約為3.3張,而首季為3.1張。
另外,太二升級門店模式,現時更著重「生(當刀)」及食材的新鮮度,該行認為目前表現不錯。大型分店如廣州的3間分店,雖然升級所需的時間及資本投入更多,但客流量令人鼓舞,周末翻桌率可達6至8張。至於較小的門店,目前亦已升級約20間。利潤率方面,管理層指銷售額升12%即可抵消額外成本;集團計劃今年上半年升級約50間分店,今年7月前升級逾70間,同時目標下半年新開100至150間新店。
基於集團的翻桌率及單位經濟有所改善,該行認為集團上半年的利潤率已觸底。另外,預期今年全年的派息率為50%。該行將2025、26及27年的淨利潤預測分別上調90.42倍、33%及22%,維持「持有」評級,目標價由2.56元升至2.99元。
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