You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》野村下調日清食品(01475.HK)目標價至6.9元 評級「中性」
阿思達克 03-19 13:57
野村發表的研究報告指,日清食品(01475.HK)去年收入按年升14%至35.19億元,符該行及市場預期,意味去年第四季增長達12.7%,該行指出「宅經濟」帶動2020財年公司內地及香港銷售增長17.5%及9.1%,而第四季則分別增長21.5%及2.2%。去年淨利3.02億元,按年升20.3%,符該行預測,但就較市場預期低3%。去年公司毛利率維持在32.9%水平,經營利潤率擴張0.6個百分點至10.6%,主要受惠銷售增加、銷售及分銷開支管控見效。派息比率亦企穩在50%的水平。

該行指出受高基數影響,加上疫情正常化,估計今年銷售增長將無驚喜,管理層則指今年首兩月內地銷售好過預期,主要因為政府不鼓勵返鄉過年,料相關因素將利好公司首季銷售,不過野村認為影響短暫,估計今年其內地銷售增長將放慢至9.8%,並將公司香港的銷售增長預測降至1%,以反映需求正常化。

野村指出棕櫚油價格自去年3月低位升約80%,加上上海分銷業務利潤較低,而來自同業的競爭增加,不過該行維持對公司毛利率預測,料今年將跌0.8個百分點至32.1%。野村料今年對公司來說要維持銷售及盈利增長將有挑戰,一方面因為去年基數較高,而內地市場競爭亦增加,估計由於原材料成本增加、折舊開支及收入增長放慢等將令EBIT利潤率受累,將公司目標價由7.5元降至6.9元,評級維持「中性」,在食品及飲料行業較傾向選擇海底撈(06862.HK)及百勝中國(09987.HK)。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account