元大證券:予澳優(1717.HK)“買入”評級 目標價14.7港元
元大證券近期發佈研究報告,首次覆蓋澳優(1717.HK),給予“買入”評級,預計2019-21F經常性利潤複合年增長率為44%。該行根據DCF估值模型預測其目標價位為14.7港元,對應PE16倍,預計2019/2020年PE將在18.8/13.5倍。
報告稱,澳優具有政府政策支持、優質品牌、加貝艾特羊奶粉提價、新增益生菌產品等優勢,現階段估值具備吸引力。
報告提及,政府希望本土品牌奶粉市場份額在2022年能增至22%,支持澳優選址建廠、口味配方本土化。
該行指出,加貝艾特1段山羊奶提價約10%,能夠進一步提升利潤率。此外,澳優高端奶粉的增長性高,預計2019-22年其嬰幼兒奶粉在中國地區收入的年複合增長率將達33%。

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