《大行報告》瑞銀料末季內地餐廳到店復甦趨勢不確定 降海底撈及呷哺呷哺目標價
瑞銀發表研究報告,料今年餘下時間內地餐廳到店復甦趨勢不確定,由於第三季疫情反彈,下調所覆蓋餐飲股盈測。上半年全國商場人流較2019年同期跌18%,據中國商業地產協會稱,主因在於消費信心轉弱,增加使用送餐服務,以及防疫限制。該行料收緊K12教育機構監管將進一步壓抑商場人流。在覆蓋內,該行喜好百勝中國-S(09987.HK),因其到店業務敞口較小,其近期股價回落已反映第三季盈警。該行對呷哺呷哺(00520.HK)予「買入」評級,目標價由9.5元降至9.3元,料其員工激勵計劃、關閉低效分店對公司漸進正面,且估值不高。另該行維持對海底撈(06862.HK)「中性」評級,目標價由42.5元降至32元,料管理層決定關閉表現跑輸分店需時。
報告稱,次季海底撈蠶食率(同一集團下十分鐘車程內兩店)屬主要火鍋集團中最高,達74%,高於呷哺呷哺的71%,以及小龍坎的37%,該行料市場競爭及蠶食率將損害海底撈翻檯率,但管理層現時仍不情願關閉低效分店。
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