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《大行報告》花旗蒙牛(02319.HK)未來聚焦產品升級及資本回報率
阿思達克 07-03 14:42

花旗發表報告表示,蒙牛乳業(02319.HK)昨日(2日)舉行投資者電話會議,管理層重申今年全年目標為收入增長逾10%,及核心EBIT利潤率按年擴張50個基點。蒙牛管理層又預期,若在今年下半年可良好控制原奶價格,集團今年的財務成本將會優於其目標。

該行表示,蒙牛及華潤啤酒(00291.HK)仍為其中國必需消費品行業的首選,維持對蒙牛的「買入」評級及目標價35.66元。

花旗相信,蒙牛以45.8億元人民幣出售君樂寶乳業51%權益,作價相當於預測2018年歷史市盈率29倍及市賬率5.1倍,相信交易可強化蒙牛財政定位,及進一步優化其品牌組合,並有助推動集團的淨利潤率及降低負債水平,預料其未來將聚焦產品升級及資本回報率。

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