《大行報告》美銀證券下調康師傅(00322.HK)目標價至16元 評級「買入」
美銀證券發表研究報告,估計康師傅(00322.HK)上半年收入按年增幅將達到中至高單位數,受疫情影響,飲料銷售於第二季放緩,預期整體盈利將按年錄雙位數跌幅。
該行認爲,原材料成本上漲將導致上半年毛利率與去年同期及與去年下半年比較均下跌,將2022至2023年每股盈利預測分別下調5%及3%,以反映成本壓力,並將目標價由16.5元降至16元。
美銀重申「買入」評級,看好康師傅的企業價值,指出現價爲2022年預測市盈率約19倍,水平吸引,加上組合升級及銷售渠道變革將支持長期利潤率提升及市場份額增長。美銀指,康師傅年初至今已進行多輪加價,由於措施需時見效,預期下半年盈利能力的提升幅度會較上半年大。
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