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《大行報告》星展上調維他奶(00345.HK)目標價至29.2元 指內地銷售逐步改善
阿思達克 10-07 14:29
星展發表研究報告指,維他奶(00345.HK)2020財年表現受疫情影響表現較弱,但指其內地業務已逐步復甦,部分抵銷了包括香港在內其他市場表現的弱勢,而利潤層面受惠成本管控及原材料價格穩定,料將維持穩健。

該行估計,受低基數影響,維他奶在內地業務在2021下半財年將回復增長,而新的東莞廠房已開始投產,相信將為公司未來數年的產能擴張提供空間。雖然最壞的情況似乎已過去,但該行料最快要到2022財年才會見到全面復甦,而下半年踏入飲品市場淡季料短期的催化劑有限,公司估值上的溢價已反映了市場對其復甦的預期,維持「買入」評級,目標價由26元升至29.2元。

在香港市場方面,星展認為維他奶銷售維持弱勢,主要因為現時社交距離措施的影響仍然持續,但對公司在內地的復甦前景看法正面,而該行對維他奶預測較市場預測低,主要是因為對短期銷售復甦取態仍較審慎,特別是中國以外的市場。在主要風險方面,該行認為疫情重現、原材料價格及人工成本增等均是公司面對的主要風險。(el/w) ~

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