《大行報告》花旗下調頤海國際(01579.HK)目標價至32.9元 評級「沽售」
花旗發表研究報告指,頤海國際(01579.HK)中期純利按年下跌13%,符合該行預期,毛利率跌幅加大,主要由於原材料成本上升及市場競爭加劇。
對於第三方銷售,管理層將下半年增長指引由30%下調至20%至30%,並預期在滲透率提升及新產品推出下,長期增幅達10%至20%。期內食油成本上升20%至30%,毛利率按年下跌5.6個百分點,公司預期下半年原料成本升幅將放緩,加上產品組合提升及部分較低毛利率的產品將會加價等因素下,預料毛利率跌幅會收窄。
花旗表示,由於毛利率受壓、第三方銷售及關聯方銷售較預期弱,故將2021至2023年核心盈利預估下調13%至22%,目標價由43.7元下調至32.9元,對應2022年預測市盈率的25.2倍,維持「沽售」評級。
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