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大和升康师傅(0322.HK)目标价至10.9港元维持“逊于大市”评级
格隆汇 08-27 13:56

大和发表研究报告指,康师傅控股(0322.HK)收入增长前景疲弱,以及广告开支增加,将2019至2021年收入预测分别下调5.5%、4.8%及4.4%,而今年每股盈利预测则下调7.1%。不过,该行上调公司目标价3.8%,由原来的10.5港元升至10.9港元,但维持“逊于大市”评级。

大和表示,公司上半年净利润按年升15%,高过该行预期,不过由于不利的产品组合变化和促销活动,令毛利率较弱。

该行指,鉴于宏观及增值税等因素,公司将增加对产品的创新,渠道基础设施及广告投资。公司亦已开始在高线城市优化分销商,并直接为零售商及小型分销商提供服务,将为下半年的收入增长复升铺路。

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