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《大行報告》摩通下調康師傅(00322.HK)目標價至14.5元 評級「增持」
阿思達克 08-23 15:14
摩根大通發表研究報告指,康師傅(00322.HK)上半年銷售額按年增長8%,較預測高出2%,中期盈利下降38%,則較預測低10%,認為業績遜預期主要是由於期內成本通脹及邊際有效價格上漲,成本控制措施成效有限,以及酸菜即食麵產品出現食品安全問題的回撥所致。 康師傅全年銷售增長目標為高單位數,該行指出,在價格上漲和通脹緩解的情況下,下半年利潤率可能見底,維持「增持」評級。 摩通認為中國方便麵行業的滲透率高、行業增長平緩以及消費者印象不佳,在中國餐飲領域中未看好方便麵行業發展,但相信非理性競爭有所緩解,有利於康師傅發展,同時亦看好康師傅的轉型及輕資產戰略,預計今年銷售額將按年增長8.4%,經常性純利及列賬純利則預期下降13%及21%,目標價由16.6元下調至14.5元。
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