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《大行》中銀國際:百勝中國(09987.HK)次季業績符預期 目標428元籲買入
阿思達克 08-06 14:17
中銀國際研究報告指,百勝中國(09987.HK)(YUMC.US)次季收入按年增長4%,符合預期。淨新增門店336間,略低於該行預期。剔除匯率影響的同店銷售按年增1%,為去年以來首度轉正。經營利潤率按年提升1.0個百分點至10.9%。股東應佔利潤按年增1.4%至2.15億美元,基本符合預期。 管理層指引2025年淨新增門店1,600至1,800間,意味往後季度的增速將逐季加快。同店銷售增長或有波動,基於宏觀環境多變,尤其消費行為漸趨理性。料2025年系統銷售額按年有單位數增幅,經營利潤率維持穩定。資本支出預算降至6至7億美元,反映單店投資成本降低。 該行指百勝中國管理層重申2025至26年合共回饋股東30億美元。該行維持百勝中國(09987.HK)目標價428港元,百勝中國(YUMC.US)目標價55美元,均予「買入」評級。
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