《大行报告》瑞银上调康师傅(00322.HK)目标价至20.2元 评级「买入」
瑞银发表的研究报告指,虽然康师傅控股(00322.HK)上半年业绩远胜预期,但今年以来股价仍跑输MSCI中国消费必需品指数17个百分点,反映市场认为公司上半年即食面方面的增长仅一次性,并估计下半年收入将减速。
该行指出康师傅上半年在即食面及饮品方面跑赢主要竞争对手,主要是因为公司供应链在疫情下反应迅速,加上品牌强劲、在低端城市渗透率较高,估计高单位数收入增长的情况在今年下半年及2021年可以持续,主要受惠市场份额提升及产品组合升级,此外饮品消费复苏亦带来帮助。
瑞银将康师傅2020至2022年收入预测上调,当中即食面分别升3.7%、1.6%及1.6%,而饮品则分别升0.4%、2.6%及3.5%,盈利预测则分别升26%、21%及20%,目标价由17.5元升至20.2元,评级「买入」。
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