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招銀國際:降中國旺旺(0151.HK)目標價至6.02港元 評級下調至持有
格隆匯 06-23 12:47

招銀國際發表研究報吿表示,食品股中國旺旺(0151.HK)因面臨成本上漲壓力,故下調其投資評級至持有;目標價由7.36港元下調18.2%至6.02港元,基於2022財年預測市盈率15倍,認為現價未充份反映成本上升和盈利下跌的風險。

公司公佈,截至今年3月底2021財年收入/純利同比增長9%/14%,符合該行和市場的預期。派息比率由上一財年之99%下調至42%,但若加上公司動用了14億元人民幣作回購股份,合共將利潤之80%回饋股東,符合公司政策。主要原材料如奶粉、棕櫚油、包裝材料等之價格今年升幅達雙位數百分比,公司將優化生產效率、提升收入及研究漲價的可行性以抵銷成本壓力,但管理層指2021財年毛利率(48.2%)於歷史高位,公司將不會是行業內率先漲價。

該行下調2022-23財年旺旺之純利預測6-7%以反映較低之毛利率假設,2022財年純利料同比跌2%。

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