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《大行報告》大摩相信蒙牛(02319.HK)股價30日內跑贏同業 評級「增持」
阿思達克 11-11 10:16
摩根士丹利發表技術意見報告,相信蒙牛乳業(02319.HK)股價在未來30日內將跑贏同業,料發生機率爲70%至80%,該行予其目標價爲56元,評級「增持」。 大摩認爲,市場對近期對內地乳製品行業溢價趨勢的擔憂反應過度,並指內地下遊乳製品行業是由市場驅動的,並且相對成熟,定價趨勢主要由供求關係和競爭的動態決定。長遠而言,通過新產品的創新和品類的拓展來實現產品結構的升級,以及營運效率的持續提高,都有助提高利潤率。在短期內,隨着原材料價格的上漲,料更合理的競爭也應有助於支持盈利能力。 大摩指,蒙牛目前交易價格對應2022年預計經常性每股盈利的24倍,2021年至2023的年複合增長率爲18%,認爲其估值有吸引力。
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