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《大行報告》里昂升農夫山泉(09633.HK)評級至「跑贏大市」 目標價下調至47元
阿思達克 03-30 09:31
里昂以熱度減退為題發表研究報告指,指農夫山泉(09633.HK)去年下半年業績大致符預期,不過收入則較市場預期低3%,在分析員會議上管理層表示有信心銷售增長可達15-20%,而今年財年利潤將維持穩定,中期銷售增長則有15%左右。

該行認為炎熱的夏日將是飲品消費及公司股價重要的催化劑,在估值層面上,考慮到股份自1月中以來調整40%,相信現時已更合理,投資者亦可囤貨。該行將公司2021-22年銷售預測降0.7%-1.4%,淨利預測降0.3%-2.7%,以反映疫情復甦慢過預期,將目標價由51元降至47元,但評級則由「跑輸大市」升至「跑贏大市」。

該行認為原材料價格的正面影響正逐步減退,而PET價格亦反彈,不過集團產能利用率改善等有望短期減輕利潤方面的壓力,展望將來管理層對淨利潤率處於低20%水平感滿意,並期望品牌建立及新產品研發可帶動利潤增長,因此該行預期公司利潤可見穩定。(el/k) ~

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