大和:升日清(1475.HK)目標價至6.95港元 評級降至“持有”
日清食品(1475.HK)今年第三季淨利潤按年增長8.7%至7800萬港元,差過該行預期,主要由於香港的營業利潤按年跌30%,以及渠道投資高於預期。該行將公司目標價上調2.06%,由原來的6.81港元升至6.95港元,而評級就由“優於大市”下調至“持有”。
大和表示,七月份以來在價格上漲帶動之下,香港的銷售額達3.34億港元,按年增長3.3%,不過營業利潤則按年跌30.2%。管理層預計,香港的原材料成本壓力及分銷業務的收入貢獻將會增加。
該行預計,由於隨着進入旺季,廣告及促銷活動將在第四季增加。該行下調公司2019至2021年的每股盈利預測1%至5%,以反映先前未有預料的銷售及分銷費用增加,相關趨勢或會持續至第四季及明年,但認為將會被營業槓桿所抵銷。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.