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《大行報告》麥格理下調百勝中國(09987.HK)目標價至390元 評級「跑輸大市」
麥格理發表報告指,百勝中國(09987.HK)第二季收入按年增長24.7%,按固定匯率計則升32%,大致符合市場和該行預期。經調整淨利潤為1.97億美元,意味由2019年第二季到2023年第二季的年複合增長率僅3%。公司預計第三季餐館利潤率比較基數較高,目標是優先實現銷售增長,如推出營銷活動和促銷產品。 麥格理將百勝中國2023至2025財年各年純利預測各下調5%,以反映2023財年第二季業績和不斷增長的廣告促銷活動。H股目標價下調至390元,評級「跑輸大市」。
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