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《大行報告》野村升日清食品(01475.HK)評級至「買入」 目標價上調至7.4元
阿思達克 01-11 10:24
野村發表研究報告指,日清食品(01475.HK)早前宣佈將於3月起上調中國即食麪產品出廠價格,平均增幅百分比達中單位數,屬過去11年來在原材料價格飆升的情況下的首次提價。該行升日清食品目標價由6.2元調升至7.4元,評級由「中性」升至「買入」,認爲最糟糕的時期已經過去 野村指,過去棕櫚油價格累升約60%,中國同業亦持續加價以抵銷成本壓力。該行認爲,佔80%以上的中國業務將進行價格調整,而香港產品則透過推出新包裝緩解成本壓力,假設棕櫚油成本不再出現非理性上漲,預期毛利率可於2021財年見底,達31.5%,2022及2023財年料將提升至32.2%及32.5%。 該行認爲,中國及香港疫情持續將支持方便麪需求發展,將2022至2023財年銷售額預測上調2.9%至4.2%,以反映更高的銷量及中國的中個位數價格上漲,並將淨利潤預測上調15.5%至20.9%。
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