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《大行報告》高盛降奈雪的茶(02150.HK)評級至「沽售」 內地餐飲股看好九毛九(09922.HK)、百勝中國(YUMC.US)、海倫司(09869.HK)及周黑鴨(01458.HK)
高盛發表研究報告指出,在疫情防控措施有所放寬的基礎上,投資者對重新開放的主題表現出愈來愈大的興趣,而在該行所涵蓋的餐飲股股價由3月低位累升介乎17%至78%。 該行對其所涵蓋的餐飲股中,下調對九毛九(09922.HK)、百勝中國(YUMC.US)、海倫司(09869.HK)、海底撈(06862.HK)、呷哺呷哺(00520.HK)、奈雪的茶(02150.HK)、周黑鴨(01458.HK)、絕味食品(603517.SH)及台灣「美食-KY」的2022至2023財年盈測,以反映今年下半年同店銷售復甦及門店擴張更為保守的前景。該行對行業平均復甦預測,包括今年6月同店銷售按月提高約5個百分點至疫情前約70%水平;下半年料達疫情前約80%,與今年首季相似,或較去年下半年低出約5個百分點;2023年將與2021年相似;2024年可重回疫情前水平。因此對相關股份目標價作出調整,由跌13%至升8%不等(詳看另表)。 高盛提及,仍將九毛九及百勝中國視為行業的優質買入品牌,認為其品牌勢頭強勁、具管理執行力,以及多品牌的長期優勢。並對海倫司及周黑鴨維持「買入」評級,認為重新開放有利於公司盈利復甦。惟指奈雪的茶基本面未有顯著改善,對其評級由「中性」降至「沽售」。另維持對海底撈的「沽售」評級,料宏觀經濟疲弱及勞動密集型商業模式,或為令公司盈利及估值帶來下行風險。
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