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里昂升康师傅(0322.HK)目标价至14.8港元评级“买入”
格隆汇 08-27 10:32

里昂发表研究报告指,康师傅(00322.HK)受累饮品销售差过预期,导致上半年总收入逊预期,惟受惠联营收益增加,盈利表现则较预期为佳。至于即食面方面,康师傅市占率续趋稳定,管理层对即食面销售维持正面看法,以及透露将投放更多努力在高端面。

报告指康师傅全年指引不变,但管理层暗示对争取销售增长5%略感挑战性,而对争取纯利增长5%至10%则感到信心。该行将其2019年至2021年销售预测调低3%,分别至622.97亿元人民币(下同)、662.94亿元及699.1亿元,但轻微调高盈测0至2%,至分别26.4亿元、31.01亿元及34.97亿元,以反映联营收益增加。

里昂将康师傅目标价由14.51港元升至14.8港元,相当於明年预测市盈率24倍,维持“买入”评级。

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