《大行報告》摩通下調康師傅(00322.HK)目標價至16.6元 評級「增持」
摩根大通發表研究報告,由於中國即食麪行業滲透率高、行業增長平緩以及消費者觀感不佳,在整個內地餐飲領域中,該行對即食麪股的評級並不高,不過行業已整固、非理性競爭有所緩解,有利於康師傅(00322.HK),亦看好其轉型和輕資產戰略。該行將康師傅目標價由17.5元下調至16.6元,評級「增持」。
報告稱,康師傅去年銷售及列賬純利符預期;撇除單次性項目,核心純利按年跌9%,利潤率4.9%,同業統一(00220.HK)則升12%,利潤率5.9%。即使面對投入通脹及毛利率蠶食,兩企去年均沒有提價。康師傅預期今年銷售有高單位數增長,但核心純利倒退。
摩通料其2022年銷售額和經常性盈利分別按年增長8.3%和按年下降4.2%,2023年分別按年增長3.7%和按年增長13.7%。康師傅現估值相當於預測企業價值對EBITDA約6倍,收益率10%(派息比率166%),該行認爲,其在當前動盪的市況下屬防守股。
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