《大行报告》大和升蒙牛(02319.HK)目标价至36.6元管理层称上半年收入趋势强劲
大和发表报告表示,就蒙牛乳业(02319.HK)公布以代价40亿人民币出售石家庄君乐宝乳业51%权益,蒙牛昨召开了分析员会议称,通过出售交易後公司未来会聚焦核心及优越品牌,而君乐宝乳业去年净利润率仅3.2%,对比蒙牛为4.4%。
该行亦引述蒙牛管理层称今年上半年收入趋势强劲,可优於全年低双位数增长的指引,而公司近期推出了新高端版的蒙牛「特仑苏」,料可捕捉相关市场,及提升该产品的品牌价值。
大和表示,重申对蒙牛乳业「买入」投资评级,上调对其目标价,由32.8元升至36.6元,此相当预测2019年及2020年平均市盈率25倍,并调高对其2020年至2021年每股盈利预测2至4%,以反映公司营运毛利可望提高。
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