《大行報告》匯豐研究上調康師傅(00322.HK)目標價至18.3元 評級「買入」
匯豐研究發表報告指,康師傅(00322.HK)股價在2021年累升34%,表現跑贏同期的恆指和行業平均水平。當中飲料銷售好於預期和即食麪加價是主要催化劑,料可能在今年繼續帶動股價表現。該行將其目標價由17.8元上調至18.3元,維持「買入」評級。
報告補充,康師傅在今年將加強飲料業務的創新和營銷,預計飲料業務今年將按年增長4.9%。考慮到即食麪行業的價格競爭在短期內有所緩解,認爲康師傅的市場份額將繼續增加,今年即食麪收入將按年增長4.6%。
盈利能力方面,匯豐研究認爲康師傅仍有進一步加價的空間。鑑於產品結構的變化,預測其盈利能力在2022年至2023年將略有改善,料毛利率在2021年至2023年將分別達到31.1%、31.6%和31.8%。
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