《大行報告》大摩升康師傅(00322.HK)評級至「增持」 目標價上調至15.5元
摩根士丹利發表報告指,受到內地疫情封城及原材料價格上升影響,康師傅(00322.HK)上半年純利按年下跌38%。不過,該行預期集團下半年表現會有輕微改善,收入估計可錄8%增長,因封城過後飲品業務增長加快,及夏季天氣炎熱。至於下半年純利按年跌幅料收窄至14%,主要假設原材料價格大致維持現時水平,加上疫情負面影響退卻。
中績公佈後,受惠特別息高於預期,即使上日(23日)康師傅股價升約5%,大摩稱,公司估值仍很便宜,僅相當於明年預測市盈率16至17倍,低於過去兩年約21倍的均值。該行料市場將關注毛利轉勢及飲料銷售復甦,以及明年增長,帶支持下半年估值重評。
該行輕微上調康師傅明年盈測,今年盈測不變。該行料其明年純利迎來潛在強勁轉勢,料明年純利按年升39%,建基於收入增5%及淨利潤率按年升1.1個百分點至4.6%(仍低於2021年水平)的保守假設。原材料進一步降價及收入增長加快將爲該行預測帶來更大上行驚喜。大摩將康師傅股份評級由「與大市同步」升至「增持」,目標價由12.8元上調至15.5元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.