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《大行报告》里昂升农夫山泉(09633.HK)评级至「跑赢大市」 目标价下调至47元
阿思达克 03-30 09:31
里昂以热度减退为题发表研究报告指,指农夫山泉(09633.HK)去年下半年业绩大致符预期,不过收入则较市场预期低3%,在分析员会议上管理层表示有信心销售增长可达15-20%,而今年财年利润将维持稳定,中期销售增长则有15%左右。

该行认为炎热的夏日将是饮品消费及公司股价重要的催化剂,在估值层面上,考虑到股份自1月中以来调整40%,相信现时已更合理,投资者亦可囤货。该行将公司2021-22年销售预测降0.7%-1.4%,净利预测降0.3%-2.7%,以反映疫情复苏慢过预期,将目标价由51元降至47元,但评级则由「跑输大市」升至「跑赢大市」。

该行认为原材料价格的正面影响正逐步减退,而PET价格亦反弹,不过集团产能利用率改善等有望短期减轻利润方面的压力,展望将来管理层对净利润率处於低20%水平感满意,并期望品牌建立及新产品研发可带动利润增长,因此该行预期公司利润可见稳定。(el/k) ~

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