《大行報告》中金下調康師傅(00322.HK)目標價至15元 料上半年盈利按年增30%
中金發表報告,預計康師傅(00322.HK)上半年收入增長6.4%,其中方便面收入增2%,飲料收入增9%。盈利料按年增長30%,與市場預期基本一致。考慮資產負債率及借貸成本,預計公司本年度或將不派發特別股息。
該行預計, 康師傅毛利上半年按年提升1.8個百分點,主要受益於方便面原料棕櫚油價格下降及全年提價帶來的毛利率明顯提升,而飲料毛利率受去年同期PET低位鎖價及糖價超預期上行擾動略承壓。該行預計, 下半年飲料業務有望在出行及餐飲復甦、熱夏天氣等因素助力下延續上半年趨勢。下半年麵條業務收入增速有望較上半年提升。同時考慮糖價下半年或有望回落,預計下半年飲料業務毛利率提升有望帶動整體利潤率提升,判斷全年完成不低於35億元淨利潤指引概率較大。
考慮市場估值下行,中金下調其目標價6%至15元,維持「跑贏行業」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.