《大行報告》大和上調頤海國際(01579.HK)目標價至56元 評級「持有」
大和發表的研究報告指,頤海國際(01579.HK)於3月27日召開電話會議,認為今年首季家用及即食產品需求強勁,主要是受惠首季堂食暫時被禁,第三方銷售的家用火鍋及小型火鍋表現強勁,因此該行認為公司可受惠疫情,相關因素亦能部分抵銷海底撈分店及堂食受務受阻的影響,維持「持有」評級,因為短期仍對關聯方銷售有憂慮,但就估計第三方銷售今年將增58%,將目標價由46.7元升至56元。
該行指出公司銷售團隊有重組,現時鼓勵並團隊以競爭方式擴張,並以銷售、盈利及分銷商意見為指標,並計劃派高業績表現團隊到低業績表現地區,淘汰形式進行競爭及擴張。該行將公司2020-21年收入預測升6-10%,並將盈利預測升3%,以反映第三方銷售增長快過預期等,估計其毛利及經營利潤率亦會有所擴張,而2020-22年第三方銷售及關聯方銷售的年複合增長將分別為38%及31%。(el/k) ~
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