野村:日清(1475.HK)去年純利遜預期 降目標價至7.7港元
日清食品(1475.HK)昨天19日公佈2019全年業績後,野村發表報告指,毛利率低於預期,拖累日清食品全年純利僅升22.2%,遜野村預期,但相信日清食品表現仍優於同業,重申“買入”評級。
野村已調低日清食品2020至2021年的盈利預測3-4%,以反映毛利率下降及匯兑方面的負面影響,目標價亦因此調低6.1%至7.7港元。
報告指出,日清食品是新冠肺炎爆發的得益者,預計今年銷售動力加快,香港業務方面,隨着生產正常化、供需回穩,相信香港需求頂峯已過,估計今年中國及香港即食麵銷售額按本幣計算分別可升15%及5%。野村亦預期,日清食品的產品組合及原材料價格下降,將有助其毛利率按年上升0.6個百分點至33.4%。

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