《大行》招銀國際升百勝中國(09987.HK)目標價至437.04元 維持「買入」評級
招銀國際發表研究報告指,百勝中國(09987.HK)(YUMC.US)第二季符合預期,銷售按年增長4%,淨利潤增長1%,大致符合市場預期,毛利率及經營利潤率均好過市場預期,但投資損失與稅率拖累部分業績。管理層維持全年指引,目標下半年同店銷售增長持平,預期系統銷售將增長4%至6%。
該行認爲百勝中國達成全年指引的可能性不小,但公司對下半年的同店銷售增長預期保守及資本回饋低於預期,或令部分投資者不滿。招銀國際維持百勝中國「買入」評級,目標價上調至437.04元,並將2025至2027年淨利潤預測下調0.5%、上調0.3%及上調0.1%。
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