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麦格理升康师傅(0322.HK)目标价至12.5港元维持“中性”评级
格隆汇 08-27 16:05
麦格理报告指康师傅(0322.HK) 上半年收入跌1.6%至304.95亿元人民币,较该行预期低4%,纯利升15%至约15亿元人民币,主因低基数(资产减值相关)、营运开支低于预期及出售所得收益入帐。管理层微调其指引,预期纯利升5%-10%。该行维持康师傅“ 中性 ”评级,目标价由12港元升至12.5港元,以反映今明两年盈利预期各上调7%。
该行指,公司即食面业务市场份额不再流失,而饮品业务料已渡过最坏时间,当中水业务势头良好,而公司将会进一步加码投资于渠道和品牌建立。公司亦降低资本开支指引,由原先预期25亿元人民币降至介乎15-20亿元人民币。该行并相信公司派息比率很大机会达100%,相等于2020年的股息回报率约4.7%。
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