大行評級|高盛:微降海底撈目標價至15.7港元 評級上調至“中性”
高盛發表報吿,將海底撈目標價由15.8港元微降至15.7港元,由於股價自5月17日以來已下跌23%,現價相對目標價下跌空間有限,投資評級由“沽售”上調至“中性”。
高盛將海底撈2024至2026年的盈利預測下調2%至7%,主要反映擴張步伐放緩。目前海底撈以未來一年預測市盈率19倍及和EV/EBITDA 9倍交投,相信估值處於合理水平,盈利下行風險和更穩定的增長前景已很大程度上得到反映。高盛表示,在該行餐飲覆蓋範圍內,海底撈同店銷售增長表現一直較好,在整個行業面臨不利因素的情況下,海底撈顯示品牌復甦勢頭及經營韌性。此外,海底撈透過更有節制的擴張提升股東回報,2023年派息比率達90%,管理層承諾反饋股東為股價提供支持。
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