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《大行報告》中金:康師傅(00322.HK)中期盈利大幅超預期 升目標價至18.2元
阿思達克 08-25 14:09
中金發表報告表示,康師傅(00322.HK)公布今年上半年收入329億人民幣按年升8%;淨利潤 23.8億人民幣按年升58.4%;若剔除上半年一次性收益8,000萬人民幣後,期內核心淨利潤增幅高達75%,高於該行和市場預期,主要由於兩個板塊毛利率升幅高於預期。

該行指,康師傅當前估值相當於明年預測市盈率17.7倍及企業價值對EBITDA的6.6倍。考慮公司飲料收入及EBIT利潤率或好於預期,該行上調康師傅今明兩年盈利預測各22.9%及8.5%,上調康師傅目標價7.1%至18.2港元,相當於明年預測市盈率23.8倍及企業價值對EBITDA的9.2倍,重申「跑贏行業」評級 。

中金表示,康師傅管理層上調全年收入增長指引至高單位數,表明下半年整體收入將延續上半年趨勢,考慮方便麵下半年或將回歸至中高個位數增長,該行預計康師傅下半年飲料有望錄得雙位數增長。管理層亦從7至8月飲料的強勁復甦表現出對飲料板塊的下半年增速有信心,表示飲料部分有望追平上半年損失。

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