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《大行報告》摩通升百勝中國(YUMC.US)目標價至40美元 季績勝預期
摩根大通發表研究報告,指撇除外匯影響,百勝中國(YUMC.US)去年未季銷售及經調整經營溢利按年升21%及200%,遠勝市場料分別升13%及120%。該行認為業務有驚喜,主因餐廳毛利率按年升30點子至10.7%,勝市場預期料跌80點子至9.6%。不過倘與疫情前2019年比較,去年末季利潤率在可比基礎上被侵蝕150點子,較去年第三季被侵蝕120點子更趨惡化,去年上半年則擴張80點子。 百勝中國(YUMC.US)目標今年首季同店銷售增長及核心經營溢利持平,意味首季列賬經營溢利料按年降11%。該行上調對百勝中國估算,指其現價相當於預測今年市盈率19倍,高於內地餐飲同業海底撈(06862.HK)、奈雪的茶(02150.HK)、海倫司(09869.HK)、九毛九(09922.HK)及呷哺呷哺(00520.HK)(介乎7.5倍至13倍);但低於全球同業如麥當勞(MCD.US)、星巴克(SBUX.US)及百勝餐飲(YUM.US)(介乎22倍至23倍)。維持予百勝中國「中性」評級,目標價由38美元升至40美元。
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