富瑞:維持大家樂(0341.HK)買入評級 目標價20.55港元
富瑞發表研究報告指,大家樂集團(0341.HK)上半年業績受7月新一波疫情爆發影響,表現遜於該行預期。富瑞維持集團買入評級及目標價20.55港元,相信在疫苗面世後,快餐店鏈將因此受惠,並從疫情中恢復。
富瑞表示,大家樂管理層預期,即使補貼減少,集團全年仍有盈利。另內地經濟於上半年出現V型反彈,內地業務已回覆至疫情前水平。集團於2021年度上半年開設5間門市,並預期在下半年度再開設10間分店,主要在大灣區。
富瑞分別上調集團2021及2023年度純利預測8%及1%,但下調其2022年度純利預測15%,以反映香港新一波疫情爆發後下滑的銷售預測,故令2022-23年度銷售恢復速度緩慢。該行料大家樂2021年度派息比率達50%,至2023年度將提升至90%。

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