《大行报告》大和下调日清食品(01475.HK)目标价至6.9元 评级「持有」
大和发表研究报告,指日清(01475.HK)公布去年业绩,表现符预期,第四季纯利为3,800万元,全年为3.02亿元,意味分别跌5%及升30%,同时第四季及全年的经调整纯利增30%,符预期。
该行指,内地收入於第四季按年增21.5%,核心经营溢利胜预期,主因销售及行政开支减少,不过利好因素被第四季税率上升所抵销。集团每股末期息派14.05仙,相等於50%派息比率,符合派息政策。
管理层指,农历年期间,销售表现稳健,因学生和年轻人均原地过年,未有回乡,带动销售增长。公司在首季使用棕榈油以控制成本,不过料成本压力将延至第二季。该行调升2021至22年纯利预测1-2%,收入预测亦调升1%,并计入2023年表现预期,维持「持有」评级,目标价由7.5元降至6.9元。
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