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大和:升现代牧业(1117.HK)目标价至1.7港元 维持“买入”评级
格隆汇 08-28 12:39
大和发表报告指,现代牧业(1117.HK) 今年上半年录纯利1.25亿元人民币,按年成功扭亏,预期集团上半年的现金盈利按年上升23%至4.47亿元人民币,优于该行预期,主要由于原奶平均售价提升及饲料成本下跌。
该行表示,集团管理层预期下半年的原奶价格会保持于每公斤4元人民币或以上,较上半年的3.85元人民币为高,明年中国的原奶供应也会继续紧张。另外,下半年的饲料成本预期会进一步下降,集团的自由现金流在今明两年亦会再有改善。
大和上调对现代牧业股份目标价,由1.65港元升至1.7港元,评级维持“ 买入 ”。该行估计,由于下半年原奶价格复苏,集团今明两的自由现金流及纯利会有显著改善。
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