《大行报告》麦格理首予农夫山泉(09633.HK)「跑赢大市」评级 目标价27元
麦格理发表研究报告指,首日上市的农夫山泉(09633.HK)是中国消费品行业中领先者,於中国包装饮用水行业中排名第一,市占率21%,同时亦是非酒精饮料龙头之一。
报告指,中国人均用水量为每年18加仑,仍远低於全球排名二十个国家的平均34.6加仑,预计在消费高端化趋势及健康意识普及化下,中国人均用水量将迎头赶上,农夫山泉最能从中受惠,预计未来三年的收入及营业利润年复合增长率分别可达15%和14%。
该行认为,农夫山泉的高端定位保障了其高利润率,2019年调整後净利润率高达21.3%,远抛离个位数的同业,预计未来几年将继续保持24%至25%的经营利润率。
麦格理指出,农夫山泉来港上市招股价为21.5元,相当於2021及2022年市盈率的35倍及29倍,基於2022年预测市盈率约36倍,予目标价27元,并首予「跑赢大市」评级。
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