Market Brief

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Author

許偉龍先生(Anthony Hui)
高級交易員

現任職輝立高級交易員,對投資股票經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533066

百勝中國控股有限公司 (09987.HK)

Tuesday, December 24, 2024 Views1036

業務概要: 主要在中國大陸經營餐廳業務,旗下餐飲品牌包括肯德基與必勝客(透過獨家經營和授權經營權)等。

 

基本資料 :

現價 : $379.6

市值 : $1,439.71 億

市盈率 : 24.44倍

市賬率 : 3.09倍

股息率 : 1.1132%

52週高/低 : $406.4 / $225.2

10天/50天/250天平均價 : $381.44/ $366.83 / $305.3

 

 

業務回顧:

截至2024年9月30日止的第三季度業績,總收入30.7億美元,按年增加5.4%,創歷史最高季度。錄得淨利潤2.97億美元,增長21.7%,每股盈利77美仙。季度息每股派16美仙。 。首三季度,累計總收入87.08億美元,增加2.6%。錄得淨利潤7.96億美元,增長9%,每股盈利2.04美元。
9月止,門店總數達15,861家,其中,肯德基門店11,283家,必勝客門店3,606 家。第三季度淨新增438家門店。

 

技術分析: 股價於12月初向上突破了10月至11月形成的三角形, 並在10/12-12/12 形成早晨之星, 移動平均線呈多頭排列趨勢 (10天 $381.44> 20天 $375.4> 50天 $366.14> 100天 $327.23> 250天 $302.57)。

 

評論:

第一,百勝中國進一步强化其股東回饋計劃。集團宣布在2024-2026以季度現金股息和股票回購的形式向股東合共回饋45億美元,將進一步支持百勝中國的股價。

 

第二,百勝中國旗下連鎖快餐店肯德基中國24/12啟動價格上調,為該品牌兩年來首度在內地市場加價,將提高毛利率 。

 

第三,百勝中國計劃從2025財年開始開更多特許經營店,近幾年的目標是將肯德基的特許經營店比例從2024年上半年的10%上調至40-50%,必勝客的比例從上半年的4%增加至20-30%。預計這樣的輕資產擴張將更加有效,支持毛利率擴張 。

 

第四,百勝中國擁有世界一流的數字化供應鏈體系,包括覆蓋全國的龐大物流中心網絡和自有供應鏈管理系統,透過其供應鏈優勢和營運效率提升舉措,展現其成本控制能力,而其靈活的業務模式使集團能夠更快觸達顧客,提供更好的服務。

 

 

買賣策略
買入價: $370

目標價: $402

止蝕價: $351

 

資料來源: 阿斯達克財經網,披露易,2024年第三季業績公告

 

註:本人許偉龍為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

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