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招銀國際:維持大家樂(0341.HK)買入評級 目標價降至19.05港元
格隆匯 06-22 12:45

招銀國際發表研究報吿表示,餐飲股大家樂(0341.HK)內地業務高增長,香港業務見底,目標價由20.69港元下調7.93%至19.05港元,維持買入的投資評級。

報吿指,大家樂年度純利同比大升388%至3.59億港元,符合早前公佈的盈喜之預測,但毛利率遜預期,因原材料成本較高。該行認為,公司香港業務已見底,同店銷售料將重現增長(2021財年下半年同比跌幅已收窄至7%,料2022財年上半年增長約10%),受惠低基數、社交距離政策逐漸放寬、政府於8月派發消費券。

報吿稱,內地業務同店銷售於2021財年下半年已回覆增長15%,復甦勝行業平均,受惠近年於大灣區的新店。該行下調大家樂2022及2023年財年每股盈利預測33%及25%,以反映較高的銷售和租金成本,目標估值則由2023財年預測市盈率22倍上調至27倍,因為業務復甦料帶動重估。

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