大和:下調澳優(1717.HK)目標價至17港元 評級“買入”
大和發表研究報告指,雖然中國出生率自2018年起下跌,但澳優(01717.HK)預期將會在中國嬰幼兒配方奶粉市場繼續獲得市佔率,因為其專注於高端產品作為主要的收入來源。另外,管理層預期6月份錄得的高庫存水平將會在2019下半年及2020上半年回覆正常化,因為公司正在為即將到來的第四季銷售旺季做準備。
管理層又預期,在高端產品市場份額上升的情況下,第三季品牌配方奶粉的收入將會按年增長30%。
該行將公司12個月目標價由原來的18港元下調至17港元,預料其第三季盈利按年上升逾40%,並將會繼續回購股份。對其2020至2021年的每股盈利預測較市場高出4至6%,而這是基於對其毛利率擴張及產品組合轉變的正面看法。投資評級維持在“買入”不變。
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