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《大行報告》美銀證券降中國飛鶴(06186.HK)評級至「中性」 目標價下調至7.5元
阿思達克 03-30 10:38
美銀證券發表評級報告,將中國飛鶴(06186.HK)評級由「買入」下調至「中性」,並下調公司2022年及2023年每股盈測各12%及15%,以反映該行對公司盈利增長減速預期、行業存下行風險、激烈競爭、渠道中斷以及公司承受利潤率壓力等考慮因素。報告降其估值基礎,由今年預測市盈率12倍降至7倍,目標價相應由13.5元下調至7.5元,降幅44%。 報告稱,增長減慢由去年下半年業績遜預期,以及今年上半年業務更新疲弱所反映。該行認為,產品組合轉向兒童及成人配方奶將壓抑盈利能力。該行對飛鶴維持行業領導及擴大市佔的能力仍持正面態度,相信現時處於谷底估值已反映絕大部分行業風險,渠道銷售惡化及低去化率,意味要持續過去強勁增長或面對多重挑戰。今年上半年潛在收入倒退或限制短期股價上行。
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