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《大行報告》瑞信維持旺旺(00151.HK)「中性」評級 目標價下調至6.8元
阿思達克 06-18 10:32
瑞信發表報告表示,中國旺旺(00151.HK)2020財年業績表現較市場預期低出5%,純利按年增加5%,而銷售按年下跌3%。該行指出,中國旺旺股價在業績發布後上漲,主要是由於4至5月後的復甦表現強於預期,銷售表現按年有雙位數增長,有別於1至3月的跌超過20%,相信主要是因為疫情刺激家庭食品消費,以及乳製品有更大的折扣優惠,有助提升庫存水平。

隨著完成補貨及社會隔離措施逐步放寬,預期正常化的勢頭會持續。渠道的多元化及成本控制仍是推動增長的關鍵要素。

整體而言,瑞信預期中國旺旺2020至2022財年的銷售及盈利分別增長4.5%及5.7%,將旺旺目標價由原來的7.3元下調至6.8元,維持「中性」投資評級。

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