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《大行报告》花旗蒙牛(02319.HK)未来聚焦产品升级及资本回报率
阿思达克 07-03 14:42

花旗发表报告表示,蒙牛乳业(02319.HK)昨日(2日)举行投资者电话会议,管理层重申今年全年目标为收入增长逾10%,及核心EBIT利润率按年扩张50个基点。蒙牛管理层又预期,若在今年下半年可良好控制原奶价格,集团今年的财务成本将会优於其目标。

该行表示,蒙牛及华润啤酒(00291.HK)仍为其中国必需消费品行业的首选,维持对蒙牛的「买入」评级及目标价35.66元。

花旗相信,蒙牛以45.8亿元人民币出售君乐宝乳业51%权益,作价相当於预测2018年历史市盈率29倍及市账率5.1倍,相信交易可强化蒙牛财政定位,及进一步优化其品牌组合,并有助推动集团的净利润率及降低负债水平,预料其未来将聚焦产品升级及资本回报率。

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