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《大行报告》大和升康师傅(00322.HK)目标价至18.2元 中期纯利高预期逾五成
阿思达克 08-25 10:13
大和发表报告表示,康师傅(00322.HK)公布今年上半年纯利及核心纯利按年各升50%及80%,均高出该行原预期逾50%,主要是受益於方面面的定价及较佳使用率、饮料产品成本降低,从而推高毛利水平,公司在方面面及包装水市场份额均有所提升。

该行表示,重申对康师傅「买入」投资评级,上调对其目标价由15.2元升至18.2元,此相当今明两年综合市盈率23倍。康师傅管理层亦上调今年销售增长指引,由原来按年升低单位数字,升至高单位数字,最新对今年纯利指引为双位数字增长(此前按年正增长)。

大和称,基於康师傅营运毛利率转佳,决定上调对其2020年至2022年收入预测各6.4%、6.7%及6.3%,同时调高对其2020年至2022年纯利预测各39%、29%及24.2%。

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