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《大行報告》美銀證券下調康師傅(00322.HK)目標價至16.5元 評級「買入」
阿思達克 03-29 09:43
美銀證券發表報告指,康師傅(00322.HK)去年收入按年增長9.6%,但純利及核心純利分別按年下跌6.4%及9%,表現大致符合市場預期。 展望今年,由於年初有穩固表現,集團目標今年銷售增長高單位數,其中麵食目標增長單位數,及飲品目標增長逾10%。不過,由於原材料成本上升,集團預期今年核心純利會錄得下跌。 美銀證券料康師傅透過產品組合升級及渠道改革,可支持長線利潤率擴張及擴大市佔,認為該股屬價值股,現估值相當於今明兩年預測市盈率分別17倍及14倍,股息收益率達10%;並下調目標價,由17.4元降至16.5元,評級維持「買入」,並調低集團今明兩年每股盈利預測分別13%及5%。
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