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《大行報告》大和上調統一(00220.HK)目標價至7.9元 評級「跑贏大市」
阿思達克 08-10 10:19
大和發表報告指,統一企業中國(00220.HK)今年上半年純利按年跌28%至6.14億元人民幣,遜於該行及市場預期,由於材料成本高企,毛利率亦按年下跌4.7個百分點。另外,雖然食品業務收入按年強勁增長14%,但因棕櫚油價格高企,該業務上半年錄得1.58億元人民幣的經營虧損。 該行引述集團管理層提到,正考慮一種與競爭對手不同的方法,即減少渠道促銷抵銷成本,而非增加促銷及直接加價。 考慮統一高端食品組合擴張快過預期,與同業相比值得具有溢價,大和上調統一估值基礎,由目標市盈率19倍升至22倍,目標價相應由7.6元升至7.9元,評級維持「跑贏大市」;惟調低集團今年至2024年每股盈測7%至13%,反映上半年的成本壓力較預期高。
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