大摩:降达利食品(3799.HK)目标价至6.5港元 评级“增持”
摩根士丹利发表报告指,达利食品(03799.HK)管理层预期在食品业务带动下今年销售将录高单位数增长,且料盈利增幅高过销售升幅。该行估计达利今年销售额及盈利分别升4%及6%,当中食品及饮品下半年升幅为10%及6%。

报告补充,达利上半年已完成对销售渠道整合,公司亦预计将可带动下半年至明年的销售上升。该行表示,该公司现价相当於2020年预测市盈率15倍,且料其2019至2021年盈利年复合增长率达11%,亦相信公司今年维持高派息比率,明年派息比率更逾50%,即是股息收益率为5%至6%。
不过,该行下调其2019至2021年盈利预测2%至4%,以反映降低饮品及食品销售的预期,目标价相应由7港元下调至6.5港元,维持“增持”评级。
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