富瑞:維持大家樂(0314.HK)“買入”評級 料通關推動香港業務復甦
富瑞發研報指,大家樂集團(0314.HK)上半年少賺約50%至約8100萬港元,收入增長20%至39億港元,派中期息10仙,派息比率為71%,表現符合其10月22日的盈利預警。該行預計,受惠於港澳與內地邊境重新開放,集團香港業務將繼續逐步復甦,故維持“買入”評級,目標價20.55港元。
報吿指,由於政府於8月和10月派發消費券,2022財年上半年度出現同店銷售增長,管理層預計通關後將推動港澳業務。因食材短缺導致食物成本上升,加上人工成本等方面持續受壓,集團計劃將每位客户消費價格提高約1港元,按年增長2%至3%。
內地方面,2022財年上半年同店銷售一直波動,該行保守假設2022財年下半年同店銷售按年持平。集團計劃在2022財年下半年加快開店速度。儘管近期部分食品成本有所上升,但素肉成本仍處於總體下降趨勢,因此內地食物成本壓力低於香港。由於新冠疫情零星爆發以及多地實施社交距離措施,尤其內地業務仍需時間復甦,該行將2022及2023年財年的淨利潤預測分別下調34%及18%,2024財年則維持不變。該行又預計香港業務將在2024財年回覆到2018財年水平,營運利潤率約為7%。
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