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《大行報告》麥格理下調統一(00220.HK)目標價至8.5元 評級「中性」
阿思達克 08-11 09:50
麥格理發表研究報告,指統一(00220.HK)收入雖然增加10.1%,但因廣告及推廣開支增加,以及原材料成本漲幅大過預期,上半年盈利按年跌20.4%,令人失望,維持「中性」評級,直到集團有改善的可見性,並下調集團2021至22年盈利預測分別10.3%及12.5%,目標價由9.7元降至8.5元。 該行指,上半年受惠飲品類產品強勁反彈,公司收入增長達標,公司相信方便麵類產品將受惠區域性疫情的發展,而飲品類銷售將維持穩定,公司將持續投資在方便類食品。 展望下半年,基於第四季方便麵產品原材料持續上升,同時預期飲品類產品於末季開始使用高成本庫存,屆時毛利率壓力將更大,料公司會縮減促銷活動以減輕成本壓力。
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