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《大行報告》瑞銀升統一(00220.HK)評級至「中性」 目標價上調至8.11元
阿思達克 04-06 10:12
瑞銀發表報告指,將統一企業中國(00220.HK)評級由「沽售」升至「中性」,相信隨著近期股價跑輸,風險回報率已有改善,而股價亦已反映對今年增長預測的估算,考慮到飲品方面展望較弱及疫情影響,該行預期統一今年盈利將呈零增長,對其2021/22年的預測較市場預期低8%及10%。

該行相信公司於大眾化即食麵市場的競爭優勢較弱,相信其市佔將繼續受壓並限制了其盈利復甦步伐。瑞銀認為公司股價過去半年跑輸MSCI中國指數約14%,繼續傾向選擇康師傅(00322.HK)多於統一。

瑞銀認為與康師傅類似,統一今年一、二月即食麵收入錄雙位數增長,但仍面對產能方面的限制,疫情爆發料對統一的即食麵及自熱飯產品正面影響,而飲品方面雖然戶外活動受限制,影響或延至今年次季中,但認為其渠道庫存健康,相信對其飲品業務的下行風險有限。

該行將統一企業中國2020及2021年的盈利預測分別升4%及2%,以反映原材料成本、疫情及收入預測等的影響,目標價由8.05元升至8.11元。(el/w)

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