大行評級 | 大摩:升康師傅(0322.HK)評級至“增持”,目標價上調至15.5港元
格隆匯8月24日丨大摩發報告指,受原材料價格上升等因素影響,康師傅(0322.HK)上半年純利同比下跌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,因往後飲品業務增長加快,及夏季天氣炎熱。至於下半年純利同比跌幅料收窄至14%,主要假設原材料價格大致維持現時水平。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。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港元上調至15.5港元。該股現報13.56港元,總市值763億港元。
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