《大行報告》摩通微升蒙牛(02319.HK)目標價至51.8元 評級「增持」
摩根大通發表報告指,蒙牛(02319.HK)上半年銷售額按年增長4%,經調整盈利按年增長1%,達到29.8億元人民幣,與該行估計的30.1億元人民幣相若。
報告指,管理層基本保持年初的指引是一個積極的驚喜,管理層預計全年銷售額將增長高單位數至雙位數,營業利潤率提高20至30個基點,至介乎5.7至5.8%。即意味下半年的銷售額和營業利潤分別增長13%和42%。
摩通預測,蒙牛全年銷售額按年增長8.5%,營業利潤率增長20個基點至5.7%,列賬淨利潤按年增長33%,不包括一次性項目的經調整淨利潤按年增長18%。
摩通提到,蒙牛因短期基本面疲軟,過去三個月股價跌8.6%,認為是被過度拋售,目前風險回報變得更具吸引力。目標價由51.5元微升至51.8元,評級「增持」。
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