《大行》野村:百勝中國(09987.HK)次季利潤率勝預期 目標價升至445元
野村研究報告指,百勝中國(09987.HK)(YUMC.US)次季業績穩固,利潤率好過預期,同店銷售轉正;將港股目標價由438港元升至445港元,重申「買入」評級。
報告指,集團次季收入按年增4%至28億美元,基本符合市場預期,由整體同店銷售額重拾增長、按年升1%所帶動。經營利潤按年增14%至3.04億美元,較市場預期高5.6%,餐廳利潤率擴張60個基點至16.1%,主要受惠於「Fresh Eye」和「Red Eye」計劃等降本舉措,但部分被勞動成本上升抵消。
品牌而言,肯德基同店銷售按年升1%,因外送訂單佔比提升帶動客單價增長1%;必勝客的同店銷售則因去年低基數而升2%。資本回報方面,公司重申回饋股東,2025年透過分紅及回購保證回饋12億美元,而2025至26年期間回饋金額達30億美元。該行料下半年同店銷售持平,利潤率將有所改善。
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