《大行報告》美銀證券下調蒙牛(02319.HK)目標價至42元 評級「買入」
美銀證券發表研究報告稱,蒙牛(02319.HK)今年上半年利潤率表現超出預期,經調整營收及與現代牧業相關的關聯收入預測後,相應亦將今明兩年每股盈利預測分別下調3%及4%,目標價從44.6元降至42元。
美銀表示,蒙牛通過提升競爭力來獲得更多市場份額,雖然過去幾個季度行業表現都有所放緩,但預期中國的人均乳製品消費量仍然較低,目前市場依然存在結構性增長機會,重申對蒙牛的「買入」評級。
該行又指,蒙牛的股價年初至今累跌24%,對比同期恆指跌約7%,現價相當於今明兩年預測市盈率16.5及14倍,遠低於歷史平均水平約24倍,提供良好的風險回報。
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