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《大行報告》麥格理下調達利食品(03799.HK)目標價至3.7元 評級「跑輸大市」
阿思達克 08-30 15:36
麥格理發表研究報告,指達利食品(03799.HK)上半年收入和淨利潤分別增長11.1%和7.3%,比該行的預測值分別低3.6%和7%。該行認同管理層在渠道改革方面的努力,及準備推出一系列新產品以豐富產品組合。然而,鑒於原材料成本壓力可能在下半年進一步加劇,加上行業競爭日漸激烈,因此仍對該股保持觀望態度,目標價由3.9元下調至3.7元,評級「跑輸大市」。 麥格理指,由於渠道擴張和效率提高,達利食品上半年的收入恢復良好達到11.1%,但下半年由於對比基數越來越高,功能飲料的市場競爭也在加劇,預測下半年的增長將放緩至3%,並將2021年和2022年的盈利預測分別降低5%和7.2%,因降低收入增長和毛利率預測。
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