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《大行報告》大和微升旺旺(00151.HK)目標價至7.9元 評級「買入」
阿思達克 06-11 10:15
大和發表研究報告,指旺旺(00151.HK)將於本月22日公布截至3月底止年度業績,預期上半財年飲品與零食市場維持2020財年下半年的收入增長動力。儘管投入成本較高,惟因有效的成本節約,公司經營利潤率仍可擴張。同時公司亦受惠奶類產品價格競爭逐步減少,加上股息率強勁,料2022至23財年逾6%,及近期持續的股份回購計劃,重申「買入」評級,目標價由7.8元升至7.9元。

該行預期,米餅收入於2021財年按年增4%,飲品增16%,相比其他必需品股份,公司並無低基數優勢,因公司於2020年上半年維持健康的庫存水平,中國奶業市場於去年首季後見快速復甦。該行估計2021下半財年米餅市場收入增長放慢,因部份分銷商受累封鎖政策,以及較審慎。但預期於2021至22財年,飲品及零食業務收入增長動力依然強勁,因受惠新銷售渠道,及下半財年銷售及行政開支有所下降。

該行表示,2022財年商品成本壓力具挑戰,包括來自新西蘭的奶源成本於今年首季增長22%,雖然第二季下跌7%抵銷部份影響,但亦將對2022財年下半年帶來壓力,經營利潤率將在2022至23財年維持在24%至25%。

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