《大行報告》美銀證券下調中國飛鶴(06186.HK)目標價至5.6元 評級「中性」
美銀證券發表研究報告指,中國飛鶴(06186.HK)上半年收入按年升0.6%,而除稅後淨利則跌25%。該行分別下調集團2023及24年的每股盈測11%和8%,以反映業績及渠道改革後的影響,目標價降14%,由6.5元下調至5.6元,重申「中性」評級。
該行提到,集團前景仍然存在根本性挑戰,「奶粉新國標」的過渡期產生更持久壓力,打算退出市場的小企業繼續大幅折扣以清理庫存、剩餘的IMF公司加速銷售現有產品,為新產品的推出做準備、及其他龍頭企業將加大對下半年上市的新產品投資。
美銀證券表示,內地新生嬰兒數量或會在明年復甦,但預計利好程度有限,因為3歲以下嬰兒持續減小,結構性人口問題依然存在。另一方面,該行認為集團增加中期股息分派對市場正面,而管理層沒有短期收購計劃,將可提高派息比率以提升股東回報。
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