《大行報告》麥格理上調達利食品(03799.HK)目標價至3.9元 料上半年銷售達標
麥格理發表研究報告,指達利食品(03799.HK)食品銷售於3月底轉正,因補充庫存所致,趨勢於5月及6月持續。飲品銷售於5月回復增長,亦勝該行預期。麥格理升達利上半年銷售預期,料跌6.7%,與達利中至高單位數跌幅的指引相符,同時升今明兩年盈利預測分別11%及6%;維持「跑輸大市」評級,目標價由3.7元升至3.9元。
該行指出,家庭消費板塊方面,短保「美焙辰」麵包自去年推出後,成為增長引擎,公司目標是今年銷售10億元人民幣(撇除退回),較去年的6億元人民幣(撇除退回)有所增長。同時豆奶飲品銷售受壓,主因首季錄負面影響,達利冀今年餘下時間收復失地,全年銷售持平。該行預期達利在家庭消費板塊錄15%銷售增長。
麥格理稱,飲品方面,達利首季銷售跌35%,5月回復增長,勝預期,管理層相信旗下涼茶受惠加多寶市佔流失。該行預期達利上半年可即飲用飲品銷售跌10%。麥格理稱,雖然公司可以受惠渠道補貨需求的市場趨勢,但該行月度渠道資料顯示,達利飲品銷售仍然較困難。
該行表示,達利毛利受壓情況有改善,推廣開支受控,將調撥更多資源在飲品方面,因此提升其今年經營溢利率預測0.6個百分點至22.5%。
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