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《大行報告》大摩降頤海(01579.HK)目標價至22元 下調衛龍(09985.HK)評級至「與大市同步」
摩根士丹利發表報告指出,由於內地調味品及零食市場維持穩定復甦,但進展慢過預期,現時該行正尋求提供高阿爾法系數(Alpha)的股份,多過受惠於重新開放的股份。在預測調味品和零食公司上半年的業績後,該行將衛龍(09985.HK)評級由「增持」下調至「與大市同步」,另維持對頤海國際(01579.HK)的「增持」評級。 頤海方面,該行認為公司上半年第三方銷售疲弱,拖累整體銷售下滑,但市場已消化有關影響,相信公司在毛利率復甦及良好營運開支控利的推動下,盈利能力應有所改善。此外,公司6月份的第三方銷售業績令人鼓舞,估計目前下行空間有限,因其年初至今的股價表現已反映出在高基數下第三方銷售疲弱。該行將其目標價由29元下調至22元。 衛龍方面,該行指公司向特色零食渠道的擴張相對較慢,部分由於銷量復甦較慢,因此將其目標價由10.7元下調至9.1元。此外,該行料公司去年25%的戰略提價在消費環境疲弱的情況下作用不大。在零食板塊該行偏好洽洽食品(002557.SZ)。
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