《大行報告》花旗下調頤海國際(01579.HK)目標價至19元 評級「買入」
花旗發表研究報告指出,由於原材料成本下降,毛利率擴張下,預期頤海國際(01579.HK)上半年收入按年增長1%至27.15億人民幣,核心淨利潤(不包括外匯收益)按年增長11%至2.76億人民幣。由於淡季火鍋底料需求遜預期,上半年銷售勢頭低過該行原預測。
該行估計,在火鍋底料銷售旺季及方便食品銷售正常化下,頤海國際下半年業績應更好,預期收入及核心淨利潤分別按年增長11%及17%。
花旗又下調頤海國際2023至2025年純利預測各7%、12%及16%,收入預測下調9%、11%及15%。料公司2023至2025年的核心盈利預測增長15%、13%及12%,收入各增長7%、12%及10%。該行下調對頤海目標價由26.2元降至19元,此按現金流折現率作估值,相當於預測今年市盈率21倍,維持「買入」評級。
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