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《大行》里昂維持百勝中國(YUMC.US)56美元目標價及「跑贏大市」評級
阿思達克 08-06 09:37
里昂發表報告指,百勝中國(09987.HK)(YUMC.US)第二季業績看起來符合預期,但利潤率有顯著改善,餐廳利潤率提升60個基點,營業利潤率提升100個基點,儘管外送成本上升。當中,肯德基和必勝客的外賣銷售額分別按年增長25%和15%,而同店銷售僅增長1%和2%,原因是百勝在積極的促銷活動上有所保留。 該行指,不預期外賣補貼能像其他同業一樣提升百勝中國的銷售額。可能由於其歷史較長,且在之前的補貼戰中汲取了教訓,在該行覆蓋範圍內,百勝中國是在利潤保護方面最有紀律的公司。 因此里昂將百勝中國經調整Ebitda預測下調1至2%,預期無論補貼是否持續,百勝中國的利潤率仍有上升空間。維持美股百勝中國目標價56美元及「跑贏大市」評級。
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