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《大行報告》美銀證券升康師傅(00322.HK)評級至「買入」 目標價維持14.2元
阿思達克 08-24 10:18
美銀證券發表報告指出,康師傅(00322.HK)中期業績符合預期,收入按年增長7%,稅後純利升31%。當中,方便麵事業收益升3%,高基數下銷量按年下跌,然而該行渠道調查顯示,公司方便麵銷量及價值於7月份有所增長,而去年加價後市場場份額恢復增長,公司亦預期下半年方便麵業務銷售有中單位數增長。 此外,該行預期康師傅飲品事業前景樂觀,公司上半年果汁、水、茶、碳酸飲料銷售各增長16%、15%、9%、6%,而包裝水、無糖烏龍茶及「生可樂」等關鍵產品強勁勢頭引領增長。而在炎熱夏季及成本變得更為有利的情況下,該行預期公司下半年飲品事業毛利率將出現更強勁的反彈,相對於上半年僅增長0.5個百分點。 該行認為,康師傅股價自3月底以來已累跌20%,相對於同期恆指跌12%,相信股價已反映公司終止派發特別息令市場失望的因素。公司指引未來派息率穩定於100%,仍然意味著在欠缺派發特別息的情況下,股息率達6%。在內地增長放緩及市場波動下,該行料康師傅可憑藉其增長狀況穩定、股息率穩固、估值被低估及防禦性而脫穎而出。對其評級由「中性」上調至「買入」,重申對其今明兩年的預測,目標價維持14.2元。
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