大和:重申蒙牛(2319.HK)買入評級 降目標價至55港元
大和發表研究報吿指,蒙牛乳業(2319.HK)管理層提出樂觀的營業指引,公司目標在2020-2025年期間倍升其收入及純利增長,意味着其芝士、奶粉及鮮奶業務年收入將達到每年100億元人民幣,其2020-2025的收入年複合增長率達約15%,基於下調盈利預測,將公司目標價由58港元下調至55港元,重申買入評級。
大和認為,成本控制將會是公司今年主要盈利增長動力,目標今年營運利潤率能按年升0.5個百分點,該行則預計營運利潤率能按年升0.6個百分點,並相信公司有能力完成上述目標,因生奶價格上漲,使競爭對手難以展開較積極的產品推銷及價格競爭。
大和續指,預期去年下半年收入增長動力將於今年繼續加速,但下調2021-22年每股盈利預測6-9%,因股份獎勵計劃的開支及牛奶價格成本上升等。

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.