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《大行》瑞銀升百勝中國(YUMC.US)目標價至59美元 重申買入
瑞銀研究報告指,根據其推算數據,料百勝中國(09987.HK)門店數目於2030年可達3萬間,特許經營門店比例較2024增長一倍至約30%。該行認爲市場低估了集團轉變至特許經營模式所帶來的資金效益,料可將資本開支比率由2024至26年的6%降至2030年的4%,並可自2026年起產生逾10億美元(下同)的現金流,而2019至24年期間爲6.83億元,亦有助保障持續的股東回報。 該行料集團2025至30年收入及經常性淨利潤的年均複合增長率分別爲8%及9%,較2019至24年期間的5%高,由門店擴張及旗下咖啡品牌肯悅咖啡(KCOFFEE)帶動的客流增長所支持,相信集團靈活的門店模式,如KFC Mini及Pizza Hut WoW等,可減低特許經營的資金門檻,並加速於較低線城市的滲透率;將百勝中國(YUMC.US)美股目標價由57.26元升至59元,重申「買入」評級。
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