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《大行報告》瑞信降海底撈(06862.HK)評級至「跑輸大市」 下調九毛九(09922.HK)至「中性」 行業首選百勝中國(YUMC.US)
瑞信發表研究報告指出,隨著疫情邊境防控措施有所放寬,相信下半年的內地餐飲銷售及客流量將逐步復甦,不過只要內地仍堅持「清零」防疫政策,餐飲業將持續面臨不確定性。在基本情況下,預期今年餐飲業銷售按年跌4.5%至4.5萬億元人民幣,2019至2025年的年均複合增長率達4.5%。 該行認為,百勝中國(YUMC.US)商業模式具韌性,加上處於穩定的增長軌道,仍為行業首選。另將九毛九(09922.HK)評級下調至「中性」,由於年初至今股價反彈,相信在缺乏新刺激下,上行空間有限。此外,考慮到海底撈(06862.HK)估值溢價及不明確的再擴張潛力,對其評級降至「跑輸大市」。至於呷哺呷哺(00520.HK)與周黑鴨(01458.HK)則維持對其「跑贏大市」評級,並認為呷哺呷哺估值吸引。 此外,瑞信指基於餐飲業復甦前景緩慢,對其2022及2023年的盈利預測分別下調21%至163%,及0%至44%,且普遍下調本港上市餐飲股的目標價。
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