《大行》花旗:百勝中國(09987.HK)管理層預告2027年或顯著削減對股東現金回報
花旗報告指,百勝中國(09987.HK)(YUMC.US)第二季同店銷售縱使在外賣推動下復甦,管理層仍維持全年中單位數銷售增長指引,預測下半年同店銷售穩定,對比上半年的升3%。有關預測基於消費者更理性、高比較基數及下半年餐飲外賣平台補貼戰的影響。
該行指,管理層對今年收入指引看來持續下行風險的評估好壞參半,伴隨著管理層輕微上調下半年經營溢利率指引,由按年擴張受壓轉為輕微按年擴張,導致全年盈利展望大致不變。管理層亦指可能顯著削減對股東的現金回報,由2024年至2026年的自由現金流2倍,降至2027年的自由現金流1倍,基於2020年在港上市集資所得約22億美元已全數使用。該行亦關注內地新興餐廳連鎖對公司帶來的競爭加劇。
花旗目前予百勝中國目標價414.1元,評級「買入」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.