《大行報告》高盛輕微下調旺旺(00151.HK)目標價至4.9元 評級「沽售」
高盛發表報告指,中國旺旺(00151.HK)上半財年銷售額受疲軟的乳製品表現拖累,但大致與該行預測持平。展望未來,預計新產品的貢獻會愈來愈大,自動售貨機和內容/社交/新鮮食品電商的銷售渠道會繼續擴張。此外,該公司的越南工廠已於今年上半年開始生產,隨著利用率的提高和引入新產品,將推動海外增長。
不過,高盛預計旺旺2023財年下半財年的銷售仍將面臨持續的壓力,由於線下流量和送禮需求減少,庫存水平提高,目前為35至40天,而4至7月時為30至35天,加上和行業競爭加劇,乳製品銷售將受到拖累。同時預計旺旺的利潤率將受原材料成本上漲和較不利的品類組合影響,但部分會被今年1月和11月宣布加價所部分抵銷。
高盛最新預測旺旺2023財年的銷售額和稅後淨營業利潤分別按年下降3%和19%,意味著2023下半財年的銷售額和稅後淨營業利潤分別按年下降2%和14%。另將2023至2025財年的純利預測下調0至4%,主要反映乳製品銷售低於預期,以及不太有利的品類組合。目標價由5元降至4.9元,維持「沽售」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.