《大行报告》摩通首予中粮家佳康(01610.HK)「增持」评级 目标价7.3元
摩根大通发表研究报告,首予中粮家佳康(01610.HK)「增持」评级,目标价7.3元,潜在升幅达99%。报告称,公司以自给自足模式培养及生产生猪及猪仔,料有三大因素推动业务发展及迎来潜在估值重评,首先,去年底年化生猪产能550万头,料支持2020至2022年销量复合年均增长56.3%。第二,摩通对公司2019年提出措施挽留核心人才印象深刻,料协助了公司在非洲猪瘟疫情後生猪销售快速复苏。最後,公司营运为生猪培养提供了成本优势,支持去年税前盈利达每公斤22.9元人民币。
报告称,公司其他业务如新鲜猪肉、加工肉及肉类进口料已走出谷底,料公司2020至2022年盈利年均复合增长达17.3%。该行予公司预测远高於市场,认为现估值相当於今年预测市盈率2.9倍属价格错配。
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