《大行報告》麥格理下調統一(00220.HK)目標價至11.2元 評級「跑贏大市」
麥格理發表研究報告,指出統一(00220.HK)公布上半年收入按年升3%,符合預期;純利按年升6.8%,則較該行預期為低。該行相信,純利表現差過預期是因為行政及宣傳開支高於預期。因此,該行分別將公司2020及2021年的盈利預測下調2.4%及2.5%,最新目標價由原來的11.4元下調至11.2元。維持「跑贏大市」投資評級。
該行指,公司的飲品業務復甦表現好過預期,並引述管理層指除了樽裝水之外,飲品業務在7月份錄正增長。在食品業務方面,收入在上半年上升22%,高端麵食按年增長30%,而自加熱米則增長15倍。由於疫情似乎在中國受到良好控制,因此即食麵的銷量回復正常化。該行預期公司下半年收入將按年增長3%,較上半年增幅4.3%放緩。
另外,公司上半年的毛利率下跌80個基點至35.8%,這是因為類別組合變化所致。有利的原材料成本因素將會繼續維持至第三季。然而,管理層仍關注到中美關係緊張,或導致農產品價格突然上漲的因素。
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