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大和:康師傅(0322.HK)盈利增長超指標 升評級至買入
格隆匯 03-24 13:34

大和發表研究報告指,康師傅控股(0322.HK)去年純利按年升35%,倘撇除一次性出售及重估收益,其盈利按年升16%,兩項數據均高於管理層訂下的5-10%增長指標。管理層今年麵產品收入目標為按年雙位數字增長,但疫情影響户外及外出飲食的需求下降,飲料業務受壓,將康師傅目標價由15.6港元,輕微下調至15.2港元,但投資評級則由“優於大市”升至“買入”。

該行表示,由於疫情持續,下調公司2020-2021年收入預測2%及每股盈利預測3-4%,管理層目前假設新冠肺炎疫情後,消費情緒於今年第二季可逐步回覆,目標整體收入輕微增長,而今年麵產品收入則可錄雙位數字增長。該行又指,康師傅現金流強勁,截至去年底淨現金達50億元人民幣,其管理層亦打算在未來維持高派息,並尋求併購機會。

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