Analyst Research Report Snapshot

Title:

王品(2727.TT)大陸平價品牌仍屬摸索期,評價合理

Price:

$23.00

Provider:

SinoPac Sec Investment Service Traditional Chinese

Date:

20 Jun 2013

Pages:

4

Type:

AcrobatPDF

Companies referenced:

2727.TW

Available for Immediate Download
Summary:

第二季逢淡季、費用增認等不利因素,加上評價未低估,評等調至中立:研調處將王品投資評等調整至中立,理由有四點:(1)費用增加。實施員工持股信託,以一年為計算單位,推估將影響EPS近0.88元;(2)大陸營運模式仍處模索階段。新品牌慕、花、大陸石二鍋尚未見突破性發展;(3)2013年獲利年增幅度明顯低於2010~2012年高峰期;(4)評價未低估。目前台灣餐飲股PE區間15~20倍,大陸約25~35倍。以總合法設算王品目前股價410元的評價,台灣PE約20倍、大陸PE近40倍。整體來說,王品營運、獲利穩健,惟大陸營運仍處摸索階段,加上餐飲股第二季處淡季,短期內,股價動能不足。

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