《大行報告》花旗上調中國飛鶴(06186.HK)目標價至27.2元 評級「買入」
花旗發表研究報告指,根據市場調查數據,中國飛鶴(06186.HK)的市場份額持續增長,由去年第三季的17.12%擴大至第四季的17.3%,其中線下市場份額亦由第三季的19%進一步上升至20%,線上市佔率於上季保持在約10%的水平,令全年市場份額增長4個百分點至15.6%。
該行認為,飛鶴市場份額增長既來自國內小型品牌減少,也來自國外進口下跌,預計國家新標準的潛在實施,以及2022年配方註冊制更新可能會觸發第二輪行業整合,預期飛鶴憑藉龐大的分銷網絡和對低端市場的高度滲透,將可搶佔更多市場份額。
花旗指出,第四階段配方奶粉較嬰兒配方粉更具增長潛力。維持2020至2022年核心淨利潤增長45%、31%及24%的預測,認為股價至今已累升約30%,現價水平為2021年預測市盈率約23倍,考慮到增長能見度高,將目標價由22.1上調至27.2元,評級「買入」。
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