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《大行報告》美銀證券下調頤海(01579.HK)目標價至67元 評級「跑輸大市」
阿思達克 06-09 10:12
美銀證券發表研究報告,重申頤海(01579.HK)評級為「跑輸大市」,目標價由82元調降至67元。

該行指,公司今年來第三方銷售呈疲弱趨勢,是與競爭加劇有關,而產品組合轉至較低毛利產品令邊際利潤潛在受損,再者,新產品或品牌的研發開支可能增加,故此下調公司今明兩年每股盈利預期分別11%及14%,目前估值約市盈率44倍符合其歷史平均值,不過相信未來增長減慢以及利潤受壓將引發一輪估值下調。

該行又指,預料公司即食類產品在其自有生產線於7月或8月開啟後,銷售可再提升,而其他新產品主要為較便宜的即食飯或即食火鍋。公司今年也是有意減慢產品推出以期改善成功率。至於架構重組方面,公司在5月初已將區域經理數目由以往超過30名壓降至10名,寄望更好地運用人力資源。

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