《大行報告》瑞銀升中國食品(00506.HK)目標價至5元 評級「買入」
瑞銀髮表研究報告指出,中國食品(00506.HK)雖然於去年下半年有成本壓力,但在銷量增長及產品組合升級的推動下,去年收入及純利分別按年增長15%及13%。展望今年,公司管理層指儘管受疫情及原材料價格上升的不利因素影響,惟仍爭取實現高單位數的收入增長及雙位數的純利增長目標。
此外,該行提及中國食品管理層對毛利趨勢保持樂觀,料去年第四季部分貨品或地區的出廠價格高企,並可能於今年第二季續潛在上升,加上高毛利的產品銷售貢獻增加,以及供應鏈持續整合與內部效率提升的情況下,相信可抵銷毛利率壓力。
瑞銀認爲中國食品估值吸引,對其2022至2024財年的盈利預測上調8%至9%,認爲需求及成本控制好過預期,目標價由4.6元上調至5元,此按現金流折現率作估值,相當於預測2023年企業價值對EBITDA的8倍,維持「買入」評級。
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