《大行報告》大和下調呷哺呷哺(00520.HK)目標價至21元 評級「買入」
大和發表的研究報告指,呷哺呷哺(00520.HK)旗下餐廳呷哺呷哺及湊湊4月份銷售已回復至2019年的八成及逾九成水平,在五一黃金周更達95%及逾100%水平,今年首四月兩家餐廳分別有23家及3家新分店,落後於管理層的全年開店目標,不過集團分店開張一般較聚焦在尾段,所以管理層估計在下半年將趕上。期內呷哺呷哺繼續改善產品組合以抵銷食品成本通脹理力,包括是套餐單價提升等,而在湊湊則引入了新的高端餐牌,管理層目標擴大其內蒙處理廠房至羊肉以外產品,以進一步節省成本。
早前報道指湊湊CEO辭職,而公司亦在4月確認相關事件,公司股價已跌約35%,主要因為投資者擔心湊湊前景,該行認為他在湊湊擴張上有重大影響,不過湊湊如無呷哺呷哺的供應鏈網絡及資本支持,是絕不可能成功,此外管理層估計湊湊將無重大轉變,而主席現時正暫代處理湊湊業務,並同時尋找CEO的替任人。
該行重申予呷哺呷哺「買入」評級,不過就將目標價由22元降至21元,並將2021-23年每股盈測降2%,以反映湊湊新店開張減少。(el/k) ~
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