《大行報告》瑞銀下調中國飛鶴(06186.HK)目標價至10.28元 評級「買入」
瑞銀發表研究報告,將中國飛鶴(06186.HK)列入亞太地區關鍵名單,支持因素包括看好明年新生兒增長趨勢,以及明年2月起實施新嬰奶兒配方奶粉產品標準,同時期待看到飛鶴高端品牌「卓瑞」於今年下半年的貢獻。
該行估計,飛鶴盈利將由今年上半年的下跌40%,恢復到下半年的下跌7%及明年的上升28%,估值亦將從目前的歷史低位水平觸發重新估值,預計明年起內地新生兒數量將趨於穩定,推動嬰奶兒配方奶粉市場需求穩定增長,於2023至2025年實現約7%的年複合增長率。
該行指,隨著市場需求趨向穩定,飛鶴的盈利空間將得以修復,重申「買入」評級,基於估值將目標價由11.1元降至10.28元。
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