Market Brief

The articles are produced in Chinese only.

Author

趙俊邦先生 (Joseph Chiu)
助理經理

現任職輝立助理經理,投資股票經驗豐富。擅長期權及期貨倉位分析,誠意為客戶提供實戰應用策略或交流心得!
Phone:
22807380

大快活集團52.hk - 績後回落的機遇2

Friday, December 2, 2016 Views4838
中期業績表現
截至二零一六年九月三十日止六個月,集團錄得令人滿意的收入,對比去年同期錄得的港幣11.761億元,增長6.8%至港幣12.566億元。權益股東應佔溢利由港幣1.020億元增加至港幣1.038億元,上升1.8%。撇除出售持有待售的非流動資產收益淨額,來自核心經營活動的溢利由港幣9,020萬元增加至港幣1.038億元,按年增加15.1%。每股基本盈利為81.71港仙,去年同期則為80.63港仙。
 
股息
董事會宣派截至二零一六年九月三十日止六個月之中期股息每股34.0港仙(二零一五年:31.0港仙及特別中期股息9.0港仙)
 
盈利能力
年度化的平均股東權益回報率為31.0%( 截至二零一六年三月三十一日止年度:29.6% )
 
展望
大快活品牌實力雄厚,集團有信心可繼續成為香港領先連鎖快餐店營運商之一。香港是大快活紮根的地方,集團對這個市場依然保持樂觀。展望未來,集團會強化大快活的品牌力量,致力確保產品和服務維持一貫的優良水準及提高營運效益,為股東帶來可觀的回報。
 
業績摘要
撇除出售持有待售的非流動資產收益淨額,來自核心經營活動的溢利增加15.1%
本期間報告溢利提升1.8%,由港幣1.020億元至港幣1.038億元
收入增加6.8%至港幣12.566億元
年度化的平均股東權益回報率1為31.0%,提升1.4個百份點
每股基本盈利為81.71港仙,增加1.3%
董事會宣派中期股息每股34.0港仙
 
短評
集團期內共開設了10間新分店下半年亦已定開8間分店及增聘300-400人,顯示公司對本地市場有信心,致力維持核心營利,期內溢利增加15.1%。集團亦對成本前景樂觀,續約店舖租金平均加幅6-7%較去年15-20%大幅減少;食物成本如續增加則可能在明年第一季加價會轉嫁消費者,毛利可望提高。
集團於11月29日公佈績後股價由$38連跌4日至32.5水平,ROE達31%,市盈率20倍比同行大家樂30倍為低,息率亦同樣是4.1-4.2水平,值得買入。
 
建議
買入價:$32
目標價:$38
止蝕價:$30
 
註:本人趙俊邦為證監會持牌人士。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。
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us