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《大行報告》美銀證券下調旺旺(00151.HK)目標價至5.2元 評級維持「跑輸大市」
阿思達克 11-30 10:23
美銀證券發表研究報告,指中國旺旺(00151.HK)中期銷售額按年下降4.8%,當中米果及休閒食品銷售額增長5.1%及7.1%,而乳製品和飲料則跌13.2%。 旺旺中期整體毛利率下跌4個百分點,美銀認爲,成本通脹將繼續對公司下半財年利潤率造成壓力,平均庫存天數已從截至今年3月底止對上財年下半年的79天,增加到現財年上半年的95天。 該行認爲,新一輪價格上調或爲旺旺帶來部分利潤率緩衝空間,但核心產品乳製品飲料銷售疲軟仍將是關鍵問題,因此將2022至2023財年每股盈利預測分別下調9%及7%,以反映持續成本壓力及奶產品增長減慢,目標價由6元下調至5.2元,並重申「跑輸大市」評級。
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