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《大行報告》美銀證券上調農夫山泉(09633.HK)目標價至57元 評級「買入」
阿思達克 08-31 15:43
美銀證券發表研究報告指出,農夫山泉(09633.HK)中期收入及純利分別按年增長23%及25%,略高於市場預期。受惠於聚對苯二甲酸乙二醇醋(PET)價格調整(年初至今累跌14%)及生產效率改善,公司毛利率及淨利潤率分別按年增長89及46點子,至60.2%與28.2%。產品方面,隨著農夫山泉新口味的推出、消費者認可度的提高,以及投資集中,茶飲料銷售按年增長60%,佔公司上半年銷售約26%,取代水成為公司最強的增長引擎。 此外,該行指農夫山泉管理層提高全年銷售目標至中至高十位數,意味著下半年呈低十位數增長;並預期全年淨利潤率擴張1至2個百分點,相對於去年為25%。 該行將農夫山泉今明兩年的每股盈利預測上調11%及10%,以反映茶飲料增長加快及高毛利率的預測,對公司目標價由55.7元上調至57元,在飲料股中仍然首選農夫山泉,重申「買入」評級。
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