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《大行報告》麥格理下調康師傅(00322.HK)目標價至15.8元 評級「跑贏大市」
阿思達克 07-07 11:05
麥格理發表研究報告,指康師傅控股(00322.HK)受累成本通脹、特別是橄欖油,料今年上半年業績令人失望,該行料其收入升6%,惟純利按年跌42.6%。考慮毛利率預測下調及經營去槓桿,降今明兩年盈測分別10.1%及12.6%,目標價相應由17.6元降至15.8元,維持「跑贏大市」評級。報告預期集團不會派中期特別息。 報告認為,橄欖油價格是公司盈利表現最大不確定性。上半年每噸橄欖油均價按年升約60%至1.3萬元人民幣。麵粉價格亦錄雙位數升幅。該行不認為公司方便麵提價足以抵銷成本通脹,料方便麵毛利率將面對顯著壓力。該行留意到橄欖油價格自高位回落約40%,但每噸價格仍高於去年下半年水平。
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