《大行報告》花旗上調農夫山泉(09633.HK)目標價至56.5元 評級「買入」
花旗發表報告指,農夫山泉(09633.HK)管理層維持全年雙位數的銷售增長目標,並將毛利率目標提高到56至57%,原先指引為可能在2019年左右的水平,即55.4%。展望未來,該行預計下半年農夫山泉銷售增長將加速,主要受惠於今年異常炎熱的夏季,以及上半年多地散發疫情後,第三季渠道的重新補貨。
報告指,雖然面臨成本上升問題,但農夫山泉上半年EBIT按年增長5%,大幅超過康師傅(00322.HK)的飲料業務,顯示其獨特的產品組合優勢,偏向於健康品類,強勁的管理執行能力,維持「買入」評級,目標價由53.2元升至56.5元。
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