《大行報告》麥格理降白雲山(00874.HK)評級至「跑輸大市」 目標價下調至11.41元
麥格理發表研究報告,指白雲山(00874.HK)是最受新冠肺炎疫情影響的分銷商,每年的第四季表現多數遜預期,影響投資者信心,因此將其評級由「跑贏大市」降至「跑輸大市」,目標價由26.6元降至11.41元,以反映盈利下調預期。
該行指,公司首季業績受累疫情影響,因公司首季表現佔全年最多,在2018及19年,首季收入分別佔全年收入比例41%及50%,因其主要產品王老吉在農曆新年需求大增,公司一直在主要假期中作推廣,但今年首季王老吉的銷售預期錄跌幅,該行並下調今年首兩個月銷售數字,料公司即將發盈警反映,相信股價有進一步下行空間。
該行表示,去年第四季表現令人失望,季度核心盈利接近零,令表現遠遜預期,管理層表示主因行政銷售成本所影響,而2018年第四季亦同樣發生,故維持審慎看法。雖然集團短期受挑戰,但預期今年收入持平及盈利增長,料2021年可回復增長。
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