大和:蒙牛乳业(2319.HK)是高档化赢家,惟目标价降至35.5港元
大和总研发表研究报告指,蒙牛乳业(2319.HK)上半年由于高端混合产品改善致质量增长,混合产品收入按年增长超越集团预期。该行重申其“买入”投资评级,目标价由36.6港元,下调3%至35.5港元。

大和预期,蒙牛全年收入目标仍维持低双位数增长,5年复合年增长达10%或以上。该行认为,随著中国走高档化路线的趋势,相信蒙牛仍是赢家。
大和指,由于原奶价格的成本上升,今年因金融资产和衍生品重估而产生更多非现金损失,该行续下调2019-2021年每股盈利预测3-9%。为反映预期更多高端产品销售,该行料其2019-2021年复合年收入增长为12%。
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