《大行報告》大摩上調海底撈(06862.HK)及九毛九(09922.HK)目標價 升呷哺呷哺(00520.HK)評級至「與大市同步」
摩根士丹利發表研究報告指出,中國餐飲股雖然股價最近反彈,但認為相關股份估值仍吸引,指市場低估公司自救策略驅動的經營槓桿帶來的毛利擴張情況。
該行表示對海底撈(06862.HK)、九毛九(09922.HK)及呷哺呷哺(00520.HK)的收入預測與市場相若,但對今明兩年的純利預測則較市場預期高出24%及22%。當中,該行料海底撈、九毛九及呷哺呷哺今年的盈利預測分別為增長26%、355%及24%。
此外,該行預期海底撈、九毛九及呷哺呷哺今年的經營溢利率按年增長7至13個百分點,至7至16%,接近疫情前水平。
摩根士丹利表示考慮到基本面和風險回報,短期內更為偏好海底撈,長期則看好九毛九,評級均為「增持」,大摩上調海底撈目標價由20元升至24元,對九毛九目標價由20元上調至25元。另外,該行認為呷哺呷哺具增長動力,對其評級由「減持」上調至「與大市同步」,目標價由3.1元大升至9元。
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