高盛下调康师傅(00322.HK)评级至“中性”降目标价至12.1港元
高盛发表报告表示,决定下调康师傅(0322.HK)
投资评级,由原来“
买入
”降至“
中性
”,因其进行较多宣传投资、提供较高产品平均售价折扣、及渠道重整于下半年仍未完成,该行料康师傅下半年业绩仍存挑战。
该行表示,将康师傅目标价由15.5港元降至12.1港元,此相当于预测2019年至2020年企业价值对EBITDA的9.5倍(此前予其11.5倍),接近其五年历史平均估值,以反映料其未来核心盈利增长放缓,目前料公司于2018年至2020年每股盈利
平均复合增长率仅5%,并估计今年每股核心盈利将下滑3%。
高盛表示,康师傅短期缺乏催化剂,料市占率会持续流失,料至2020年才会开始见到正面因素。该行将康师傅2019年每股盈利预测由0.47元人民币(下同)降至0.43元,下调对其2020年每股盈利预测由0.53元降至0.49元。
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