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《大行》花旗升麥當勞(MCD.US)目標價至373美元 次季市佔提高
花旗研究報告指,雖然次季美國低收入消費族群氣氛未見好轉,但麥當勞(MCD.US)透過親民價格成功搶佔競爭對手的市佔率。不過,近50%美國顧客仍未使用過超值選(McValue)或會員計劃,反映消費者對品牌價值的印象仍然停留在核心菜單的定價上。 另外,麥當勞計劃於多間餐廳測試CosMc's風格的新飲品,包括冰咖啡及有氣飲品等,雖然暫時沒有確實時間表,但如果初階段測試表現理想,或可以將計劃推展至全國。集團亦計劃憑藉其規模優勢,推出全毛利產品(full margin products),定價將低於競爭對手。 至於國際市場(IOM)方面,價值策略成效顯著,部分歸因於麥當勞的規模優勢,以及在海外相對較弱的競爭。集團積極增加產品及推廣,並推出IP聯名產品,以維持其在顧客心目中的地位。 基於門店利潤率下調及匯率收益影響,花旗將麥當勞2025及26年每股盈利預測由12.64及14.09美元,下調至12.5及13.9美元,目標價由365美元上調至373美元,予「買入」評級。
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