《大行報告》美銀證券削頤海(01579.HK)評級至「跑輸大市」 目標價下調27%至95.2元
美銀證券發表研究報告,將頤海國際(01579.HK)評級由「買入」連降三級至「跑輸大市」,指出其去年度稅後利潤按年增長23%,較市場預期低8%,其中去年下半年銷售收入及稅後利潤僅增長20%及9%。
美銀認為,去年下半年業績表現遜預期,是由於作為主要增長動力的即食產品業務大幅倒退,由上半年的按年增長96%大減至下半年的按年增33%,當中自熱火鍋產品倒退更為顯著,預期疫情後行業競爭將變得更激烈。
該行又指出,去年下半年營銷支出佔比高於預期,下半年佔比提升至11.2%,預期將蠶食今年經營溢利率約0.69個百分點,認為頤海可能需要對新產品及品類投資更多,以開拓新動力及推動第三方收入增長。美銀將頤海今明兩年每股盈測分別下調13%及9%,目標價由130元下調27%至95.2元,指出增速放緩及毛利率受壓或觸發估值下調風險。
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