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翠华(01314.HK):平面图向好 伺机吸纳

金利豐證券 ·  Jan 16, 2013 00:00  · Researches

Tsui Wah (01314-HK)'s trend is improving, looking for an opportunity to absorb the Hong Kong government's proposal to implement a new statutory minimum wage level on May 1 this year, from the current $28 per hour to $30 per hour. Currently, the Federation of Current Workers further demands that “standard working hours” legislation be promoted as soon as possible, and it is expected that enterprise employee expenses will be further increased. Faced with the “three highs” problem of wages, food, and rent costs, the food and beverage industry was forced to increase prices, and citizens were also “forced to eat expensive meals,” causing widespread public complaints, creating a vicious cycle. Of course, fast food restaurants are still doing their best to fight against the “three highs,” such as setting up a central kitchen, increasing the proportion of part-time employees, and avoiding expensive locations in stores. As of the end of September last year, the wage, food and rent costs of Cuihua (1314) in the first half of the year accounted for 27.1%, 30.2% and 13% of total revenue, for a total of 70.3%, an increase of only 0.1 percentage points from year to year, indicating that the group's cost control was good. Furthermore, the group turnover rate was the highest among similar teahouses in Hong Kong, with a record of 11.47 in the last financial year, and there were quite a few supporters from breakfast to supper, making a relatively strong profit. Recently, the Group's first delivery service center, “Fast Green Delivery”, has also started operations, further expanding its business coverage. The group replicated the “Hong Kong-style tea restaurant” business model to the mainland, with a total of 4 branches. Due to the small scale of operations in the Mainland, business contributions still need to be monitored from time to time. In the first half of last year, mainland business revenue surged 91.1% to $8043 million, and the business ratio increased to 16.5% from 11.7% in the same period in 2011. Although the turnover rate of Tsui Wah in the Mainland is not as high as that of Hong Kong, the difference in consumption habits is that the average consumption per bill in the Mainland is as high as 190 yuan, which is more than 2 times higher than in Hong Kong. The group has already begun planning to develop a network of restaurants in the Pearl River Delta, with potential for growth in the future. Since listing, the stock price trend has been impressive. Currently, the stock price has risen by nearly 40% compared to the listing price. The STC %K line continues to rise above the %D line, the MACD bullish gap has widened, and the short-term trend has maintained a positive trend. You can consider absorption of 3 yuan, rebound resistance of 3.5 yuan, and can be maintained continuously without falling below 2.8 yuan.

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