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《大行報告》美銀證券降康師傅(00322.HK)評級至「中性」 目標價下調至15元
阿思達克 03-28 09:56
美銀證券發表報告指,康師傅(00322.HK)去年業績符合預期,惟展望令人失望,因此將評級由「買入」下調至「中性」。 該行指,康師傅飲料業務增長前景放緩,今年飲品收入增長的指引為高單位數,低於雙位數增長的預期,特別是考慮到疫情下的去年第二季及第四季基數較低;盈利指引為35億人民幣,低於市場預期的約38億人民幣。 美銀證券提到,隨著銀行貸款增加和今年35億元人民幣資本支出計劃,認為康師傅可能需要減少或停止25億元人民幣的特別中期股息以維持現金流動性和淨債務水平。按照目前估值,這可能會使股息率由目前8至9%,降至5%。因此該行將今明兩年每股盈利預測分別下調5%和6%,目標價下調7%,由16.2元降至15港元。
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