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《大行報告》匯豐研究下調統一(00220.HK)目標價至10.9元 評級「買入」
阿思達克 08-11 10:36
匯豐研究發表研報指,統一(00220.HK)上半年淨利潤按年下跌20%,較該行預測低25%,主要由於利潤率較預期低,以及期內缺少一次性收益。 報告指,上半年統一收入按年增長10%,增幅較預測高約3%,但毛利率下降至34.8%,下降幅度大於該行預期,主要來自食品業務的下跌;而飲料毛利率則升至40.9%。 該行將今明兩年每股盈利預測削減3%至9%,目標價由11.8元下調至10.9元,以反映上半年業績較預期差,以及原材料成本上升令利潤能力受壓,但維持「買入」評級,相信產品高端化及差異化策略未來可見成效。
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