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《大行报告》摩通升蒙牛(02319.HK)目标价至54元 评级「增持」
阿思达克 03-26 12:49
摩根大通发表研究报告,指蒙牛乳业(02319.HK)去年列帐销售及纯利按年分别跌3.8%及14.1%,撇除单次并购及出售资产影响,去年核心销售按年升10.6%,核心纯利按年则跌9.4%。意味去年下半年销售按年升11.8%,与低双位数增长指引相符;经营溢利率按年扩60基点,则高於指引。

报告称,蒙牛目标2025年销售及盈利倍升,主要透过内生增长;以及鲜奶、芝士及婴儿配方粉快速增长(料贡献2025年销售约20%)。

摩通调整蒙牛2021至2023年每股盈测介乎0%至1%,料集团销售及纯利今年分别升14.7%及52.7%,在2019至2025年间销售及纯利年均复合增长料分别12.5%及16.1%。以现金流折现率计,目标价由45元升至54元,相当於预测市盈率26倍,评级「增持」。

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