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《大行》瑞銀降九毛九(09922.HK)目標價至3元 評級「中性」
阿思達克 08-25 17:04
瑞銀研究報告指出,九毛九(09922.HK)上半年收入及淨利潤分別按年下降10%、16%,至27.53億元人民幣(下同)及6,100萬元,符合市場共識預期,因營運槓桿下降導致營運利潤率較弱,抵消了外匯收益。瑞銀又指,公司截至7月已將64家太二餐廳改裝為新模式,目標於2025年底改裝150家,至2026年底全面改裝完畢。瑞銀認為,新模式門店是一項升級,特別在產品供應上,強調食材新鮮度並擴展SKU範圍。 瑞銀將九毛九2025至2027年每股盈測調整,介乎降4%至上調3%,考慮到上半年業績及餐廳數量減少,同時被改裝門店的潛在銷售改善及效率提升所抵消。因此,瑞銀基於現金流折現率估值,目標價從3.05港元下調至3港元,評級「中性」。
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