《大行報告》美銀證券升統一(00220.HK)評級至「買入」 上調康師傅(00322.HK)目標價至17.4元
美銀證券報告稱,內地零售價格於1月上漲,康師傅(00322.HK)旗下主要的方便麵產品在農曆新年後,其出廠價上漲超過10%,統一(00220.HK)主要的方便麵在更換新包裝後,其產品零售價格亦上調約12%。該行認為,統一或有機會稍後上調出廠價,可能標誌著方便麵業內近10年首次大幅加價。
該行相信,加價能有助於減輕毛利率壓力,因為棕櫚油成本去年已增加36%,加價有助改善整體方便麵行業的競爭格局,故此該行提高康師傅及統一2022年預測每股盈利4%及3%,並重申康師傅「買入」評級,目標價由16.8元調高至17.4元,基於其強大的分銷執行能力和超過8%的高股息收益率。
基於統一積極的加價舉動,並考慮統一強大的自由現金流,其股息收益率有望提高,該行將統一目標價由7.8元上調至8.8元,評級由「中性」調高至「買入」。
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