招商证券:升九毛九(09922)目标价至3.2港元 上调评级至“持有”

智通财经网
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智通财经APP获悉,招商证券发布研报称,九毛九(09922)去年下半年业绩符合早前的盈利预告。虽然集团的同店销售增长仍为负数,但该行估计,今年集团将净开店24间,主要围绕太二及怂火锅。该行下调集团今年的销售及净利润预测6%及43%,而明年则分别削11%及31%,以反映最新的业绩,目标价由2.7港元上调至3.2港元,评级由“沽售”升至“持有”。

该行预期集团的成本结构将较为稳定,经营去杠杆化的影响将于今年逐渐消退,餐厅利润率应已于去年12.3%触底。该行认为,随着店铺改革和成本节省的进展,集团最坏的情况已经过去,惟营业额的转变仍有待观察,且仍存在不确定性。

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