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《大行報告》大和下調康師傅(00322.HK)目標價至13.4元 評級「持有」
阿思達克 06-28 11:39
大和發表研究報告指出,康師傅(00322.HK)去年的方便麪產品市佔率達45.7%,飲品市場佔比爲43.4%,相信公司爲市場加價的領頭羊,而公司亦已於去年7月先行對面條產品加價。惟該行考慮到公司的產品組合重質量,相信短期內公司難再有加價的機會,估計其面類產品收入佔比約70%,但銷售額自去年以來一直下滑。 該行認爲,康師傅的高端健康產品仍有拓展空間,今年的毛利壓力持續存在。監於公司的股息記錄和淨現金狀況,該行預期公司今年不會派發特別股息,相信派息比率將保持在100%。 此外,大和對康師傅的2022至2024財年的每股盈利預測下調7%至8%,毛利率預測降0.4至0.5個百分點,以反映成本壓力。由於不穩定的原材料價格可能令2022財年盈利受壓,料全年盈利按年跌11%,而進一步的毛利壓力將帶來額外的下行空間。維持對其「持有」評級,目標價由14.1元下調至13.4元。
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