《大行報告》花旗下調農夫山泉(09633.HK)目標價至55.1元 評級「買入」
花旗發表報告指,農夫山泉(09633.HK)去年下半年的收入及毛利率均遠勝預期,證明其有強大的產品、卓越的定價能力及持續創新,此等因素對於駕馭原材料成本上升週期至關重要。
該行表示,集團去年下半年毛利率僅按年下降30個基點,表現跑贏同業康師傅(00322.HK),農夫山泉相對較高的淨利潤率水平(去年爲24.1%)意味其盈利抵禦成本上升影響的韌力,高於淨利潤率僅個位數的境內餐飲同業。
花旗下調農夫山泉股份目標價,由58.62元降至55.1元,評級維持「買入」,並調升集團今明兩年盈利預測分別9%及12%。
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