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大和:維持現代牧業(1117.HK)目標價1.7港元 評級“買入”
格隆匯 12-09 15:03

大和發表研究報告指,現代牧業(1117.HK)管理層強調,今年第三季原料奶的平均售價按年增長約4%,並預計今、明兩年都將有4%的增長,並指飼料成本降低和奶產量提高仍然是利潤的主要動力。公司亦指出,2019至2022年間將減少10億元人民幣的淨借款,但尚未決定今年會否恢復派息。該行維持公司目標價1.7港元,以及買入”評級。

大和表示,公司第三季原料奶的平均售價按年增長4%,在市場因素下,仍較市場平均水平高出約15%,而公司的產品質量良好,有望實現該行預測的全年按年增長4%。管理層又指,畜牧業規模收縮,華南地區的銷售增加,以及進口奶粉價格上升,可能將會進一步推高明年的原料奶平均售價,又預料今年的銷量將按年增長8%至135萬噸。

該行預計,現代牧業在2019至2020年的自由現金流及淨利潤將會有所改善,而原料奶的價格亦繼續恢復,並指對公司的現金收益持樂觀態度。

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