《大行報告》麥格理升統一(00220.HK)目標價至11元評級「跑贏大市」
麥格理發表的研究報告指,統一企業中國(00220.HK)次季業績穩健,期內純利按年增34.9%至6.17億元人民幣(下同),較該行預測高出18%,認為反映即使市場放慢,統一高端化的策略仍見效,上調今明兩年盈測分別8.9%及10.5%,維持「跑贏大市」評級,目標價由10.1元升至11元,相當於明年預測市盈率25倍。
該行指出,上半年統一收入按年升2.2%,當中即食麵表現跑贏飲品業務,在即食麵方面,高端即食麵增長健康,並佔即食麵收入達三成,其中「湯達人」品牌有好表現,銷售按年增長20%,而自熱飯亦受市場喜歡,相信其規模擴大時可助進一步改善統一的產品組合。在飲品業務方面,奶茶仍然是最強的產品,而「海之言」品牌在次季重拾增長,總體而言,該行估計今年即食麵及飲品銷售將分別按年增長1.3%及2.4%。
麥格理指出,統一上半年毛利率按年擴張3.1個百分點,主要受惠原材成本管控、增值稅優惠及產品組合升級,展望將來,該行估計原材料成本及增值稅方面的利好因素將在下半年持續,而在廣告推廣方面,公司計劃投放更多預算在新產品廣告及策略性推廣,以抵禦市場競爭,儘管市場競爭激烈,該行相信其高端化策略可助公司避開價格戰,故預期在2019及2020財年經營利潤率可分別按年改善2.2個百分點及0.7個百分點,至分別8.4%及9.1%。
該行補充,3月時,統一首次將派息比率擴至100%,由於資產負債表健康,料未來有能力維持高派息比率。該行現估算未來三年統一維持派息比率達100%,意味今明兩年股息率料分別達4.3%及4.7%。該行稱,股息率吸引屬波動市況下的理想緩衝。
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