瑞銀:上調統一(0220.HK)目標價至8.9港元 評級中性
瑞銀髮表報告,相信統一中國(0220.HK)由即食麪需求強韌帶來的盈利上升,會較康師傅(0322.HK)細很多,因統一來自汽水的盈利貢獻高於即食麪。
該行表示,由於康師傅的市佔率上升,統一去年下半年的即食麪盈利受壓,而集團去年飲品的EBITDA利潤率雖然超過自2009年的歷史高位,但該業務缺乏創新,利用率亦因競爭而維持在低位。
該行上調集團今年至2022年的EBIT預測分別8.8%、8.8%及8.7%,主要由於即食麪需求強韌,及市場推廣開支較預期為低,令毛利率假設上升。除估值合理外,瑞銀認為統一的收入增長緩慢,毛利率上升空間亦有限,因此維持其股份的中性評級,但目標價由8.11港元升至8.9港元,以反映盈利調升及無風險比率降低。

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