《大行报告》汇丰研究降大快活(00052.HK)评级至「持有」目标价下调至28元
汇丰研究发表报告,指大快活2019年度盈利跌17%,反昂利润持续受压,中国业务表现令人失望,但其高息可为股价提供有限的下行空间,将评级由「买入」转为「持有」,目标价由35元降至28元,倾向看好大家乐(00341.HK)。
该行指,公司2019年度的表现逊预期,在下半年,盈利跌20%,毛利跌1.3%,情况与同业大家乐的表现正好相反,相信是因为大快活面对劳工成本和租金成本的管控困难;中国业务亦令人失望,收入跌6%,同店跌6%,利润亦於下半年下跌,相信是因旗舰店翻新及开新店所致。
该行又指,公司的香港业务表现稳定,新增7分店,收入亦升5%,管理层指於6月份同店销售稳定。整体而言,相信香港表现仍然稳健,可絘!产生健康的现金流,派息比率为84%。
该行降公司2020及21年度盈利预测分别14%及18%,以反映收入增长和成本上升的最新预期。
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