瑞銀:升旺旺(0151.HK)目標價至5.3港元 評級“沽售”
瑞銀髮表研究報告,指中國旺旺(00151.HK)中期收入按年增長0.6%至93.04億元人民幣,較市場預期為低。而純利按年上升18%至16.15億元人民幣,表現優於市場預期5%,大部分是受惠於毛利率改善,及削減行政及推廣開支所致。至於中期派息比率由上年同期的約32%增至約35%,該行認為對投資者是有驚喜。
瑞銀上調對旺旺股份目標價,由5.07港元升至5.3港元,評級維持“沽售”。另外,又上調集團未來三年盈利預測各4%,以反映行政及推廣開支下降的假設。該行表示,由於收入增長乏力,旺旺利潤率擴張的情況或未能持續。

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