《大行報告》高盛上調農夫山泉(09633.HK)目標價至52元 評級「買入」
高盛發表研究報告指,農夫山泉(09633.HK)中期業績表現強勁,銷售額及淨利潤分別按年增長23%及25%,收入增長明顯高於同業表現,管理層在業績後預計全年銷售額按年增長幅度將達到中至高十位數(相對之前的低十位數)。
該行亦繼續預期農夫山泉跑贏其他飲料同業,預計公司2023至2025年銷售複合年增長率可達到16%,主要來自於持續強勁的即飲茶產品,以及功能性、果汁和水產品所帶動。公司同時加強品牌、基礎設施及渠道覆蓋的投資,亦可能會推動未來的穩健增長。
高盛預計農夫山泉下半年銷售額及息稅前利潤(EBIT)分別錄得18%及21%增長,考慮到銷售勢頭強於預期及投入成本穩定,將2023至2025年銷售額及每股盈利預測平均上調4%及8%,目標價上調至52元,維持「買入」評級。(gc/u)
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