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大摩:予旺旺(0151.HK)“與大市同步”評級 目標價6.5港元
格隆匯 11-19 15:26
摩根士丹利發表研究報告指,旺旺(0151.HK) 2019財年上半年的銷售錄93.04億元人民幣,按年增長1%,符合市場預期。純利16.14億元人民幣,按年增長18%,表現優於市場預期。
該行續指,期內“ 旺仔牛奶 ”的收益按年增長6.6%,增速較去年同期有所加快。米果類產品收入下跌2%,因為公司戰略性地用新的核心品牌產品代替毛利率較低的子品牌產品。由於天氣條件欠佳,休閒食品類收入下跌6%。另外,公司上半財年毛利率增長4.4個百分點,主要是受到原材料成本下跌及增值税優惠所帶動;而銷售開支增長0.9個百分點主要是因為勞工成本增加所致。
該行預期公司2019至2021財年的年複合增長率為6%,目標價是6.5港元,投資評級為“ 與大市同步 ”。

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