You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
麥格理:維持中國旺旺(0151.HK)中性評級 目標價降至5.58港元
格隆匯 06-23 12:52

麥格理髮表研究報吿標示,將中國旺旺(0151.HK)目標價由6港元削減至5.58港元,維持中性投資評級;並表示新年度將充滿挑戰性,各子行業表現參差不齊;加上去年度的高基數基礎,成本上升下毛利率可能會受到不利影響,將今、明兩個財年的淨收入預測下調8.5%及8.2%。

報吿指,旺旺公佈去財年業績,去年下半年收入增長8.4%至117億元人民幣,低於預期1.4%,淨收入增長8.4%,低於預期的5.7%。該行憂慮高基數基礎和原材料成本上升可能會為2022財年帶來挑戰。由於需求疲軟及海外業務表現不佳的情況下,2021下半年米餅銷量下降5%,乳製品和飲料增長17%,在提高品牌知名度和多渠道的推動下,Hot Kid牛奶銷售額實現了強勁的增長。由於冰棒類別收入的低基礎和產品升級,零食銷售額增長 11%。

該行指,在原材料成本穩定的情況下,去年下半年毛利率增長0.9個百分點至48.2%。然而今年成本上升,應該為毛利率帶來壓力。公司可能會加價以減輕成本通脹增加,但這將取決於同行。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account