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瑞銀:上調康師傅(0322.HK)目標價至17.5港元 評級買入
格隆匯 07-20 12:52

瑞銀髮表研究報告指出,康師傅(0322.HK)過去兩年跑輸大市的表現主要是由於其渠道精簡及分銷商在後來去庫存所致。但其即食麪市佔率自2017年以來一直上升,該行預期隨着新產品推出及在低線城市的滲透率提高,將會在今年下半年奪回飲品市場的佔有率,認為公司的估值被低估。

該行將公司2020至2022年的盈利預測分別上調10%、13%及19%,以反映收入及毛利率增長的假設,相信飲品市場復甦及其市佔率增加,加上持續的即食麪高端化趨勢,將會為公司上半年以後的收入增長帶來動力。

瑞銀預計康師傅2020至2022年的EBITDA年複合增長率為11%,較2017至2019年的3%提速。維持公司買入投資評級,目標價由原來的14.85港元上調至17.5港元。

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