Market Brief

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陳招富先生 (Anthony Chan)
經理

現任職輝立經理,樂意與客戶研究買賣策略。歡迎各位來電交流心得
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物語企業 (3097.JT)

Wednesday, December 11, 2024 Views444

過去5年在日本出現的「一人燒肉」熱潮在疫情結束後冷卻, 消費者習慣和經濟環境改變也令到 燒肉行業競爭格局重新洗牌。

 

主打「一人燒肉」的「燒肉Like, 以及Colowide(7616.JT) 旗下, 以類近居酒屋模式經營, 主打平價進口牛肉和酒類飲品的「牛角」受到消費者追求性價比和日元弱勢影響而受到打擊, 兩者的分店數目都正在減少。

 

另一方面, 由物語企業 (3097.JT) 經營, 以放題餐單為主打的「焼肉きんぐ

可望成功突圍。管理層預計燒肉類店舖 (包括特許經營店) 由今年6月末的325家增長至明年6月的331家。

 

在生活成本上升, 消費者節約意識強烈的的環境下, 而放題模式可降低消費者在點餐時的心理負擔, 因此受到歡迎。「焼肉きんぐ」在道路旁有不少分店, 標準放題套餐每人只需3608日元(連稅), 除了肉類外, 也包括飯, 湯, 甜品等其他菜式, 成功吸引家庭顧客和聚餐團體。另外, 由於路旁店舖一般面積較大和顧客落單次數較高, 該公司利用機械人送餐, 員工有更多時間教授顧客烹調技巧, 可提高顧客滿足度。

 

除了「焼肉きんぐ」外, 物語企業 (3097.JT)也經營和食放題和拉麵等餐飲業務。截至2025年6月財年首季(7-9月) 的收入和營業利潤分別增長14.8%和 7.9%至298億和23.6億日元。全年的目標收入和營業利潤分為增長13.4%和17.3%至1215億和95.8億日元, 預期可繼續保持增長, 可留意該股份。

 

建議買入價: 3480 日元

目標價: 4000日元

止蝕價:3300 日元

 

可比日本同業:   Amiyaki Tei (2753.JT), Atom (7412.JT), Colowide(7616.JT)

可比香港同業:  敘福樓集團 (1978.HK) 

註:本人陳招富為證監會持牌人士。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.
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