《大行报告》瑞银升蒙牛(02319.HK)评级至「买入」 料液态奶有加价趋势
瑞银发表报告表示,据其在6月所进行调研显示,新冠疫情令民众更为关注健康,引令内地奶制品需求强於预期,所有等级城市地区的乳制品购买频率和每月支出的净变化百分比上升,加上内地牛奶供应不足,料可能导致内地今年下半年以後液态奶产品有加价趋势。
该行决定上调对蒙牛乳业(02319.HK)投资评级,由「中性」升至「买入」,上调目标价由30元升至44元,此按综合方式作估值,相当预测2021年及2022年市盈率各29倍及25倍。该行升蒙牛於2020年至2022年纯利预测各11%、10%及10%。
瑞银称,监於蒙牛乳业在2020至2022年的每股核心盈利复合增长率为40%,其现价相当於预测2021年市盈率为25倍,对比中国/香港消费必需品同业的每股盈利年均复合增长率为18%(预测2021年市盈率为31倍),认为蒙牛估值具有吸引力。
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