《大行》大摩降九毛九(09922.HK)目標價至2.1元籲減持 料短期股價壓力大
摩根士丹利將九毛九(09922.HK) 2025至27年每股盈利預測分別下調9%、6%及10%,主要反映年初至今需求弱於預期。自今年次季起,外送平台價格競爭加劇對整體餐飲市場的堂食需求造成進一步壓力。該行又將2025至26年收入預測下調13至14%,並將2027年下調10%。
考慮到經營環境困難,該行預期公司將加強成本控制,包括關閉表現欠佳門店及進一步壓縮總部開支。因此2025至26年淨利潤下調幅度略低於收入調整幅度。基於盈利預測下調,該行將目標價由2.3元下調至2.1元,續予「減持」評級。
該行又預料公司股價將於在未來30天內下跌,因恆指公司日前公布將於9月8日起把九毛九從恆生綜合指數中剔除,意味著該股將被移出港股通範圍。截至8月22日,南下資金持有3.117億股,佔總股本22.3%及自由流通量44.4%,預期調整將於短期內引發顯著的沽售壓力。
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