《大行報告》花旗下調統一(00220.HK)目標價至8.79元 評級「買入」
花旗發表評級報告,指統一企業中國(00220.HK)第三季純利跌幅收窄至17%,符該行預期,次季按年跌39%;即使第三季食品毛利率遜於預期,但即食麵袋裝毛利率及收入表現均優於預期。該行表示,在近期宏觀環境不確定下,集團透過減少渠道投資,以及透過維持零售平均售價不變,較進行銷售回扣等策略的效果更佳。
該行表示,基於收入上升走勢在10月份持續、毛利率穩定及其維持有紀律的廣告宣傳支出,故管理層對第四季EBIT的按年增長有所改善,以及純利按年增長具信心。
該行表示,將公司今年至2024年各年核心淨利潤預測分別下調5%、2%及1%,並將其目標價由9.09元下調至8.79元,維持其評級為「買入」,同時在內地食品行業,喜好統一多於康師傅控股(00322.HK)。
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