野村:維持對大家樂(0341.HK)買入評級 目標價20.3港元
野村發表研究報告指,大家樂集團(0341.HK)撇除政府津貼金後,中期淨虧損實際約為1.77億港元,預計疫情對集團業績影響持續,鑑於小學停課,餐飲業將較原來預測更遲復甦,而在外賣增加和推廣開支上升下,集團毛利率仍將受壓,但只要收緊社交距離措施放寬,情況便可改善。野村維持大家樂買入評級及目標價20.3港元。
野村指,大家樂集團受疫情影響,中期收入按年下跌24.3%至32.26億港元,其中香港收入降26.7%,而內地僅跌9.1%,反映內地業務已回覆至疫前水平。集團恢復派息,每股1仙。
野村表示,儘管大家樂業績,優於香港整體餐飲業30.5%的跌幅,但相對同期快餐業下降21.9%,卻表現遜色。政府就業計劃早前提供的每月津貼總額為8000萬港元,野村料下半年度將再有1.6億港元津貼入帳。
野村續指,中國經濟在9月出現V型反彈,大家樂集團上半年內地增加5間分店,並計劃在今年內再開設10間新店,雖然內地商業活動表現及恢復速度比香港快,但內地市場僅佔集團總銷售額的17.2%,故仍無法抵消當前香港市場的負面影響。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.