《大行报告》大和上调日清食品(01475.HK)目标价至6.93元 评级「跑赢大市」
大和发表研究报告指,日清(01475.HK)管理层重申全年的盈利增长双位数目标,其中来自内地收入录双位数增长,香港收入增长目标上调至中高单位数。投资者担心首季毛利轻微下跌(逊预期),以及疫情後复苏表现。
该行指,公司首季在香港表现受累低毛利的包装面销售增加,但已完成产品组合重组,以及管理层销售目标为中至高单位数增长。同时利用率和补货出现增长,相信可支持第二季收入;内地方面,管理层指4月份增长稳健,新型销售渠道成为主要的增长来源,而传统渠道则正逐步回复。经营溢利增长可受销售开支较保守所支持。
该行引述管理层指,原材料成本於去年第二季下降,抵销部分毛利压力,该行相信销售开支亦会在未来数季维持稳定。上调2020-22年盈利预测1-3%,降今年销售开支预期3%,及今年毛利预期0.3个百分点,重申「跑赢大市」评级,目标价由5.8元升至6.93元。
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