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《大行》大摩重申百勝中國(YUMC.US)「增持」評級 料下半年利潤率輕微擴張
摩根士丹利發表研究報告,重申百勝中國(09987.HK)(YUMC.US)的「增持」評級,指出中期業績顯示公司正聚焦於平衡系統銷售增長與利潤率,在面對外賣平臺補貼競爭下,管理層透露下半年門店擴張步伐將加快,預料可帶動利潤率輕微擴張。 大摩認爲,百勝中國近期股價表現出現調整,是由於市場對其保守指引的過度反應,目前預測第三季及第四季系統銷售分別增長6%及8%,全年增幅料達5%,預料第三季及第四季同店銷售增長均爲2%,將恢復至2019年同期的90%及86%。 該行又預測百勝中國下半年經營利潤率可擴張30基點,經營利潤料增長9%,美股目標價維持57美元,並將2025至2027年每股盈測上調1%。
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