《大行报告》瑞银上调统一(00220.HK)目标价至8.9元 评级「中性」
瑞银发表报告,相信统一中国(00220.HK)由即食面需求强韧带来的盈利上升,会较康师傅(00322.HK)细很多,因统一来自汽水的盈利贡献高於即食面。
该行表示,由於康师傅的市占率上升,统一去年下半年的即食面盈利受压,而集团去年饮品的EBITDA利润率虽然超过自2009年的历史高位,但该业务缺乏创新,利用率亦因竞争而维持在低位。
该行上调集团今年至2022年的EBIT预测分别8.8%、8.8%及8.7%,主要由於即食面需求强韧,及市场推广开支较预期为低,令毛利率假设上升。除估值合理外,瑞银认为统一的收入增长缓慢,毛利率上升空间亦有限,因此维持其股份的「中性」评级,但目标价由8.11元升至8.9元,以反映盈利调升及无风险比率降低。
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