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《大行報告》野村上調日清食品(01475.HK)目標價至7.7元 評級「買入」
阿思達克 03-23 11:32
野村發表研究報告指,日清食品(01475.HK)去年收入增長9.9%,較該行預期高2.5%,主要是由於香港的銷售向好,期內增長3.4%。全年毛利率收窄1.2個百分點至31.7%,主要是來自棕櫚油成本飆升。由於營銷費用控制較預期好,期內淨利潤按年持平,較該行預期高8%。日清爲慶祝上市5週年及合味道杯麪推出50週年,宣派特別股息,令全年派息比率增至60.8%。 日清宣佈自4月1日起將香港部分袋式及杯裝即食麪產品出廠價上調中高單位數,以抵銷飆升的原材料和物流成本,價格調整將適用香港約80%產品。 考慮到香港第五波疫情,以及內地有多個城市封鎖,都將推高即食麪產品需求,野村將今年銷售預測上調3.2%,表示香港價格上漲符合預期,已將其納入的毛利率預測,預料全年毛利率將提升至32.3%。 野村分別將2022至2023年銷售額和淨利潤預測上調2.8%至3.2%及2.9%至3.4%,主要反映去年業績好過預期及對中港銷量增長的預測,目標價由7.6上調至7.7元,評級維持「買入」。
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