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《大行报告》麦格理一举降农夫山泉(09633.HK)评级至「跑输大市」 目标价升至29.8元
阿思达克 03-29 16:02
麦格理发表研究报告,指农夫山泉(09633.HK)去年收入按年跌4.8%,逊市场预期3%,纯利则升6.6%,胜市场预期1.5%。该行称,欣赏管理层持续推出新产品及在饮品行业巩固领导地位的努力,但盈利展望不足以合理化其高达明年预测市盈率48倍的估值。该行料其盈利增长在低基数下将於今年上半年见顶,并将面对原材料成本增加压力。该行一举下调其投资评级由「跑赢大市」降至「跑输大市」,目标价由27元升至29.8元,相当於明年预测市盈率36倍。

报告引述管理层称,指引今年收入增长介乎15%至20%,低於市场预期的24%;长期增长料约中双位数水平。此外,在加大推广投资力度下,料其经营利润率上半年见顶,明年两年逐步走低。该行上调其今明两年盈测14%及11%,以反映其他开支及一次性损失料不在今明两年发生。

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