报告名称：Cafe de Coral(00341.HK)Largest fast food chain - a resilient play; maintaining B
报告类型：港股研究
报告日期：2016-06-06
研究机构：德意志银行
股票名称：大家乐集团
股票代码：00341
页数：10
简介：Maintaining Buy with revised target price at HK$26.5
FY17 outlook – resilient against macro slowdown as the largest fast food chain
We lower our NP forecast by 14/11/11% for FY16/17/18 but maintain Buy
TP lowered from HK$29 to HK$26.5; risks
The target price is derived using Deutsche Bank's COE of 7.5% (a 2.7% riskfreerate and 4.9% ERP for the HK market), and terminal growth of 1% (from2%). We continue to use beta of 1. Key downside risks: 1) SSSg slowdown; 2)the central kitchens failing to deliver a profit margin improvement; 3) a newround of minimum wage increases in HK which management fails to pass on;and 4) China continuing to be a drag.

下载地址：Cafe de Coral(00341.HK)Largest fast food chain - a resilient play; maintaining B