Haidilao's first-half revenue rose 8% to CNY 22.3 billion, but delivery and the newer restaurant brands accounted for all the increase. Core operating profit rose 4%. The firm also paid out the entire first-half profit as dividends, and kept unit growth guidance at a mid-single-digit rate.
Franchise expansion is asset-light, and even modest royalty income from lower-tier city operators could give operating margins a meaningful lift.
With nascent restaurant concepts still lacking traction, continued capital deployment to unproven brands risks dragging on operating margins.
|
Metric
|
06862
|
MCD
|
QSR
|
|---|---|---|---|
Price/Earnings (Normalized) | 10.76 | 18.47 | 18.32 |
Price/Book Value | 4.46 | — | 6.33 |
Price/Sales | 1.01 | 5.97 | 3.39 |
Price/Cash Flow | 7.75 | 15.27 | 17.29 |
|
Metric
|
06862
|
MCD
|
QSR
|
|---|---|---|---|
Quick Ratio | 1.00 | 0.82 | 0.81 |
Current Ratio | 1.22 | 1.08 | 1.01 |
Interest Coverage | 28.31 | 7.84 | 5.11 |
|
Metric
|
06862
|
MCD
|
QSR
|
|---|---|---|---|
Return on Assets (Normalized) | 18.81% | 14.95% | 7.09% |
Return on Equity (Normalized) | 41.09% | — | 50.15% |
Return on Invested Capital (Normalized) | 25.52% | 19.07% | 10.53% |
|
1-Day Chart
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United States