《大行报告》大和降蒙牛(02319.HK)评级至「跑赢大市」 目标价微降至31.4元
大和发表研究报告,将蒙牛乳业(02319.HK)2020至2022年的收入预测下调,主要是因为忧虑其在婴儿配方奶粉市场的市占率进一步下跌。另外,该行亦基於公司在鲜奶业务所需的投资增加、更高的投入成本及因为人民币贬值而有较高的财务成本及海外业务成本,而将公司2020至2022年的每股盈利预测下调5%至9%。目标价由原来的31.8元微降至31.4元,投资评级由「买入」下调至「跑赢大市」。
该行预期,旗下子公司雅士利国际(01230.HK)的收入会在今年受压,因为其市占率有所流失予其他知名国内品牌。该行认为雅士利缺乏与国外及国内主要品牌竞争的规模。
另外,蒙牛在3至4月份於常温奶业务中作出进取的宣传及折扣优惠後,5月份的促销水平似乎恢复正常,预期公司有望在下半年度录双位数收入增长,及营业利润率料按年扩大。
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