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《大行报告》大和降达利食品(03799.HK)目标价至6.7元 评级「买入」
阿思达克 08-29 10:41

大和报告指出,达利食品(03799.HK)上半年纯利按年升5%,稍胜预期,中期息8.4仙,按年持平,并且派特别息8.4仙,是意料之外。

该行指,管理层给予指引,冀下半年销售增长呈高单位数,食品业务增长快过饮品业务。该行提到,饮品类业务仍存挑战,因市场竞争激烈。此外,随着生产规模正在改善,管理层维持年底毛利率达35%的目标,料下半年销售成本比率趋向正常化。

该行指,自2018年下半年起进行的重组分销渠道接近完成,管理层相信,改革後可支持新产品销售,成本分配将更为有效。

该行下调集团2019-21年每股盈测1%至2%,目标价相应由7.1元降至6.7元,维持评级「买入」。

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