Analyst Research Report Snapshot

Title:

F-美食(2723.TT)第一季表現不如預期,建議再觀察一季,維持中立

Price:

$12.00

Provider:

SinoPac Sec Investment Service Traditional Chinese

Date:

21 May 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

2723.TW

Available for Immediate Download
Summary:

第二季仍處轉型期,建議再觀察一季,維持中立建議:F-美食大陸地區營收占比高達72%,全數直營店,大陸近年租金、人工費用調漲,造成淨利率逐年下滑,2010~2012年分為9.91%、9.79%、7.25%,推估2013年為6.79%。在新的執行長加入下,積極調整店質、產品結構、營運方式,但上半年調整成效不易浮現,在觀察第二季營運及大陸中央工廠產能利用率是否提升,再進行新的投資建議評估。未來中長期評價上調動能,在於毛利率成長幅度是否高於費用率。目前F-美食的PE評價25倍,評價未低估,故研調處維持F-美食(2723)投資評等為中立。

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