《大行報告》美銀證券上調蒙牛(02319.HK)至36元 跨越首季困境次季強勁復甦
蒙牛乳業(02319.HK)早前發盈警,料今年上半年的收入雖然可錄增長,但稅後純利估計將下跌45%至60%。美銀證券發表報告指,蒙牛是次盈警並非大事,相信集團跨越首季的困境後,第二季已迎來強勁復甦。
美銀提到,撇除對疫情的一次性捐款5億元人民幣,預期蒙牛今年上半年基礎稅後純利跌幅收窄至介乎20%至35%,大致符合預期,估計盈利下跌主要由於首季在疫情下去庫存,而次季盈利預料已回復至正增長。
該行上調蒙牛股份目標價6%,由34元升至36元,重申「買入」評級,並大致維持今明兩年每股盈利預測,認為集團本年至今表現跑輸MSCI中國必需消費品15%,在強勁復甦下有潛在的估值重評。另外,美銀最新預期蒙牛今年上半年的核心收入增長中至高單位數,全年則料增長高單位數至10%。
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