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富瑞:首予農夫山泉(9633.HK)持有評級 目標價43.2港元
格隆匯 11-30 12:43

富瑞發表研究報告表示,農夫山泉(9633.HK)管理層持續拓展天然及健康的飲料產品予內地客户,將有助擴大市場佔有率,儘管公司的銷售增長較同業佳,而盈利能力及股本回報亦較高,但公司現估值為行業平均的上限,其2022年度預測市盈率為52倍,及企業值對EBITDA比率為33倍,故首次涵蓋予其持有評級,目標價43.2港元。

富瑞認為,城鎮化的趨勢讓公司將天然及健康的概念帶給低端城市,預期未來銷售的增長將來自低端城市,並在杭州以外地區搶佔市佔率。另外,在2017至19年,公司予股東的股本回報率達28-41%,於上市後,料2020至23年度股本回報仍可達34-45%。

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