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《大行報告》摩通升蒙牛(02319.HK)目標價至54元 評級「增持」
阿思達克 03-26 12:49
摩根大通發表研究報告,指蒙牛乳業(02319.HK)去年列帳銷售及純利按年分別跌3.8%及14.1%,撇除單次併購及出售資產影響,去年核心銷售按年升10.6%,核心純利按年則跌9.4%。意味去年下半年銷售按年升11.8%,與低雙位數增長指引相符;經營溢利率按年擴60基點,則高於指引。

報告稱,蒙牛目標2025年銷售及盈利倍升,主要透過內生增長;以及鮮奶、芝士及嬰兒配方粉快速增長(料貢獻2025年銷售約20%)。

摩通調整蒙牛2021至2023年每股盈測介乎0%至1%,料集團銷售及純利今年分別升14.7%及52.7%,在2019至2025年間銷售及純利年均複合增長料分別12.5%及16.1%。以現金流折現率計,目標價由45元升至54元,相當於預測市盈率26倍,評級「增持」。

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