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《大行報告》摩通降旺旺(00151.HK)評級至「減持」 目標價下調至6.2元
阿思達克 06-29 11:17
摩根大通發表報告,指過去12個月,旺旺(00151.HK)股價累升約36.6%,但預計強勁勢頭將在2023財年逆轉,預料該年度銷售額和盈利分別下降1%和5%,而且其風險回報不吸引。該行將旺旺評級由「中性」下調至「減持」,目標價下調由6.7元至6.2元。 報告指出,旺仔牛奶的經營利潤率在2022財年下半年按年下降8個百分點,歸因於的奶粉和鐵罐成本上漲,自2月以來不斷增長的渠道庫須進一步提供折扣,旺仔牛奶2023財年的銷售額可能會下跌。 摩通表示,隨著宏觀經濟疲軟和意外的大型封城,確認旺旺管理層確認漲價已在2022年4月全面執行,而該行預計集團可能會在今年第二季繼續提供額外的回贈。由於成本通脹持續,管理層指出毛利率壓力將持續6至9個月。摩通預計2023財年整體毛利率將進一步下滑50個基點至44.3%。 報告補充,由於內地宏觀經濟自4月低位改善,以及最新將隔離日數縮短至「7+3」,同時其他成熟經濟體正面臨更多挑戰,建議投資者將焦點由防守性消費品轉至重新開放主題,包括啤酒、餐飲、體品及白酒。
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