大行評級 | 富瑞:上調農夫山泉及康師傅等3只飲料股目標價
富瑞發研報指,農夫山泉(9633.HK)飲料業務繼錄得強勁銷售增長,並具有良好的經營槓桿,預計去年下半年公司純利為37億元(人民幣.下同),同比增長21%,銷售額增長11%至160億元。對於去年,估計純利將為82億元,按年增長15%。總體而言,預計銷售額增長將符合其在中期業績公佈期間設定的雙位數指引,將其目標價由43.5港元上調至45.7港元,予“持有”評級。
該行表示,預計康師傅控股(0322.HK)去年下半年純利為13億元,同比下降25%,銷售額增長6%至409億元。去年純利總額預測為25.7億元,由於沒有出售收益,去年淨利潤可能處於管理層淨利潤指導值25-30億元的低端。銷售趨勢很可能會錯過公司的高單位數的指引,上調目標價由15港元至16.14港元,予“買入”評級。
該行續指,估計統一企業中國(0220.HK)的去年下半年淨利潤下降7.8%至6.03億元,銷售額增長8%。對於去年第4季度,估計純利為7200萬元,而2021年第4季度為1300萬元。總體而言,認為該公司將根據其指引,在去年錄得高單位數銷售增長,將目標價由7.62港元升至8.64港元,予“買入”評級。
該行表示,對於這三家餐公司而言,飲料業務是去年下半年的主要銷售驅動力,農夫山泉、康師傅及統一企業中國將按年增長分別為11%、8%及11%,這得益於炎熱的天氣和新產品。
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