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《大行報告》花旗上調飛鶴(06186.HK)目標價至21.2元 評級「買入」
阿思達克 07-13 10:45
花旗日前發表研究報告,指飛鶴(06186.HK)上半年銷售增長逾40%以上,主要是由於超高端嬰幼兒配方奶粉產品系列的表現出色所致。在含乳鐵蛋白的產品推動下,高端產品的表現亦良好,而不含乳鐵蛋白的產品則沒有增長。為此,管理層計劃升級配方,以迎合消費者在疫情後對免疫力有更大重視。

該行又指,公司今年下半年料會有更多新產品推出,以加強高端細分市場。管理層預期下半年的銷售增長將會較上半年慢,這是由於高基數效應所致,但料仍能達到其增長30%以上的目標。另外,管理層又預期,受惠於行政及宣傳費用減少,上半年的盈利增長將超越收入,相信通過線上及線下進行營銷活動將成常態,並有助於節省行政及宣傳費用。

該行將公司2020至2023年的盈利預測上調10至13%,以反映更佳的銷售及毛利前景,將目標價由原來的19.2元上調至21.2元。投資評級為「買入」。

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