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大和:升日清(1475.HK)目標價至9.3港元 重申優於大市評級
格隆匯 09-01 12:45

大和發表研究報告指,日清食品(1475.HK)第二季及上半年純利分別按年升93%及34%,分別高過該行預期的12%及5%;以當地貨幣計,第二季中國收入增長33%,亦高於預期12%,香港收入則高8%,重申對其優於大市評級,但將目標價由8.2港元上調至9.3港元。

大和認為,日清將可持續受惠於內地消費升級的趨勢,包括繼續擴充分銷網絡及高端面組合;基於今年7月份留在家消費刺激下,新產品將可帶動下半年香港業務收入增長。長遠來看,管理層審慎的擴展計劃將令日清未來幾年在中國可維持雙位數增長,預期中國業務自然收入增長於2020至22年約12%至18%。

該行上調日清20至22年純利預測5%至6%及收入預測1%至4%,以反映該行因應其產品組合而上調其毛利率預測0.3至0.7個百分點的預期。

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