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《大行报告》美银证券下调颐海(01579.HK)目标价至67元 评级「跑输大市」
阿思达克 06-09 10:12
美银证券发表研究报告,重申颐海(01579.HK)评级为「跑输大市」,目标价由82元调降至67元。

该行指,公司今年来第三方销售呈疲弱趋势,是与竞争加剧有关,而产品组合转至较低毛利产品令边际利润潜在受损,再者,新产品或品牌的研发开支可能增加,故此下调公司今明两年每股盈利预期分别11%及14%,目前估值约市盈率44倍符合其历史平均值,不过相信未来增长减慢以及利润受压将引发一轮估值下调。

该行又指,预料公司即食类产品在其自有生产线於7月或8月开启後,销售可再提升,而其他新产品主要为较便宜的即食饭或即食火锅。公司今年也是有意减慢产品推出以期改善成功率。至於架构重组方面,公司在5月初已将区域经理数目由以往超过30名压降至10名,寄望更好地运用人力资源。

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