You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》花旗降中國飛鶴(06186.HK)評級至「中性」 目標價維持5.1元
花旗發表報告,下調中國飛鶴(06186.HK)投資評級由「買入」降至「中性」,目標價維持5.1元,因在未來12個月未見有盈利驅動力,股息增加帶動股價上行後,現估值已見合理。由於內地生育率下降,管理層料嬰兒配方奶行業今年下半年至明年更趨困難。 報告料其市佔溫和擴張不足以驅動收入增長,由於產品組合不利變動帶來潛在毛利率收窄,花旗料飛鶴今年下半年至明年核心純利持續倒退。該行降其2023至2025年各年核心盈測分別9%、11%及14%。由於沒有合適併購對象,管理層計劃增加派息及派息比率。以預測股息率介乎6%至7%及預測市盈率介乎9倍至10倍計,該行認為飛鶴現時估值合理。
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