瑞银发表研究报告指,根据其推算数据,预计百胜中国门店数目于2030年可达3万间,特许经营门店比例较2024增长一倍至约30%。该行认为,市场低估了集团转变至特许经营模式所带来的资金效益,预计可将资本开支比率由2024至26年的6%降至2030年的4%,并可自2026年起产生逾10亿美元的现金流,而2019至24年期间为6.83亿美元,亦有助保障持续的股东回报。 该行预计集团2025至30年收入及经常性净利润的年均复合增长率分别为8%及9%,较2019至24年期间的5%高,由门店扩张及旗下咖啡品牌肯悦咖啡(KCOFFEE)带动的客流增长所支持,相信集团灵活的门店模式,如KFC Mini及Pizza Hut WoW等,可减低特许经营的资金门槛,并加速于较低线城市的渗透率。该行将百胜中国美股目标价由57.26美元上调至59美元,重申“买入”评级。
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