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《大行報告》摩通首予中糧家佳康(01610.HK)「增持」評級 目標價7.3元
阿思達克 05-21 11:44
摩根大通發表研究報告,首予中糧家佳康(01610.HK)「增持」評級,目標價7.3元,潛在升幅達99%。報告稱,公司以自給自足模式培養及生產生豬及豬仔,料有三大因素推動業務發展及迎來潛在估值重評,首先,去年底年化生豬產能550萬頭,料支持2020至2022年銷量複合年均增長56.3%。第二,摩通對公司2019年提出措施挽留核心人才印象深刻,料協助了公司在非洲豬瘟疫情後生豬銷售快速復甦。最後,公司營運為生豬培養提供了成本優勢,支持去年稅前盈利達每公斤22.9元人民幣。

報告稱,公司其他業務如新鮮豬肉、加工肉及肉類進口料已走出谷底,料公司2020至2022年盈利年均複合增長達17.3%。該行予公司預測遠高於市場,認為現估值相當於今年預測市盈率2.9倍屬價格錯配。

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