野村:重申日清食品(1475.HK)中性评级 目标价降至6.9港元
野村发表研究报告指,日清食品(1475.HK)基于去年的高基数及中国市场竞争加剧,今年要保持良好的销售和利润,将是充满挑战的一年。该行预期,息税前利润率将因较高的广告宣传费用、原材料成本和折旧费用而受到抑制,而营收增长将放缓。该行将集团纯利预测微降2.4%,目标价由7.5港元降至6.9港元,重申中性评级。餐饮股中,该行看好海底捞及百胜中国。
该行表示,日清食品去年纯利3.02亿港元,按年增20.3%,符合该行预期,不过,较市场预期少3%,收入升14%至35.19亿港元,符合该行及市场预期。
野村指,由于去年的恐慌性购买导致高基数,而今年疫情影响销售正常化,该行预计今年日清食品的销售增长无惊喜。管理层表示,因应中国政府建议就地过年,集团1、2月内地销售较预期好,该行认为,这只是短期效果,料集团今年内地销售增长将放缓至9.8%,而由于需求趋于正常,将今年香港销售增长预测下调至1%。
野村又预期,市场竞争加剧,将令日清食品广告及宣传费用上升,令息税前利润率下跌0.8个百分点至9.8%。

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