《大行報告》匯豐研究下調中國飛鶴(06186.HK)目標價至9.1元 評級「買入」
匯豐環球研究發表報告指,中國飛鶴(06186.HK)發盈警,預期今年上半年純利按年下跌33.4%至42.4%,主因其收入減少14.9%至17.4%,表現是遜於管理層早前預期的上半年收入下跌單位數。
該行相信,中國飛鶴表現較預期差,是由於去庫存對上半年收入負面影響9個百分點,加上行業增長遜預期及市佔增加較慢。
匯豐研究下調中國飛鶴股份目標價,由11.7元降至9.1元,此按現金流折現率作估值,維持「買入」評級,並調低集團明年及2024年收入預測分別19%及23%,純利預測亦相應下調17%及21%。該行認為,集團最壞情況或已過去,但因市場增長缺乏能見度,上升空間亦受限。
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