《大行报告》大和降康师傅(00322.HK)评级至「持有」 目标价下调至16元
大和发表研究报告指,考虑高收入基数下的成本逆风,毛利率承压,将康师傅(00322.HK)投资评级由「买入」降至「持有」,目标价由18.2元下调至16元。报告称,康师傅去年列帐利润较该行预测低6%,但符市场预期。收入按年升9%,纯利升22%,意味下半年纯利按年升37%。
报告引述管理层指,目标今年饮品业务收入有双位数增长,方便面相较持平,及整体收入按年有中单位数升幅。考虑其具强劲自由现金流,料未来派息比率或超越100%(去年为104%)以提振股本回报率。
大和表示,倘撇除单次收益,去年康师傅纯利升59%,该行下调其今明两年盈测6%至11%,以反映销售开支和商品成本预测上调,轻微抵销新产品带来更高收入预测。
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