大行评级|瑞银:上调小菜园目标价至14港元 上调2025至27年每股盈利预测

格隆汇
Aug 18

瑞银发表研究报告指,小菜园上半年收入及净利润分别按年增长7%及36%,至27.14亿及3.82亿元,达到盈利预告中净利润预期的上限。净利率按年扩张3个百分点,因毛利率提升2.7个百分点及劳动成本下降4个百分点。公司宣派中期息21.19分,派息比率达65%。 报告提到,管理层强调聚焦产品价值及餐厅盈利能力,目标派息率达50%至60%。管理层维持2025及26年底店铺数量达800间及1,000间的目标,并表示7月起开店速度加快。基于上半年业绩强劲及成本管控成效,该行将2025至27年每股盈利预测上调9%至13%,目标价由13港元上调至14港元,维持“买入”评级。

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