《大行報告》花旗下調澳優(01717.HK)目標價至14.2元 評級「買入」
花旗發表研究報告指,澳優(01717.HK)剔除投資公允值的數字後,第三季核心純利跌20%,遜預期;收入增長加速至23%,稍高於預期。雖然公司有短期的去庫存壓力,但長遠仍然看好,維持「買入」評級。
該行指,公司繼續努力清除渠道庫存,控制批發均價,加上分銷商的信心改善,管理層已經更換部份分銷商,預期第四季羊奶配方奶的挑戰仍然持續,但明年銷售可回復雙位數增長;牛奶配方奶方面,預期第四季增長動力仍存,管理層有信心可達今年增長25%的目標。
該行表示,毛利在第三季跌5.4個百分點,主因貿易虧損,管理層預期第四季會收窄,雖然在第三季增加品牌投資,但公司仍然有信心今年銷售成本佔比不會高於去年(26.3%)。
花旗下調澳優2020年至2022年核心盈利預測14%、12%及17%,目標價由18.9元降至14.2元
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