《大行報告》瑞信降頤海(01579.HK)目標價至90元 評級「中性」
瑞信發表研究報告,指頤海國際(01579.HK)去年純利低市場預期7%,主因在海底撈(06862.HK)多元渠道採購下關連方收入遜預期,以及去年下半年銷售復甦放緩;自熱小火鍋及複方調味料下半年銷售按年增長放緩等。
該行料方便食品今年將領導頤海銷售增長。關連方銷售增長料復甦,但料仍大幅低於海底撈銷售增幅。該行下調其今明兩年盈測8%及13%,以反映去年純利遜預期,關連方收入逆風,以及複方調味料高基數。以現金流折現率計,瑞信降頤海目標價由110元下調至90元,相當於明年預測市盈率49倍,維持「中性」評級。
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