《大行》里昂降蜜雪(02097.HK)目标价至406元 维持“跑赢大市”料门店续增

阿斯达克财经
Mar 11

里昂研究报告指,蜜雪集团(02097.HK) 以亲民价格营造差异化,但此定位亦限制了公司增长空间,因其同店销售增长及门店扩张速度落后同业。该行认同市场对同店销售增长的忧虑,但预期在价格提升及加盟商收费减少的推动下,加盟商的盈利能力将会改善,支持门店数量增长中十位数。另外,市场有消息指内地将对含糖饮品征税,以减低儿童的依赖。该行并不相信有关消息,即使有,以未必足以改变消费习惯。但儿童对蜜雪客户基础占...

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