《大行報告》星展上調蒙牛(02319.HK)目標價至48.7元 下半年銷售勢頭更好
星展發表評級報告指,蒙牛(02319.HK)上半年收入按年升7%至511億元人民幣,毛利率改善1.8個百分點至38.4%,營運利潤按年升29.9%至33億元人民幣,而營運毛利率擴至6.4%,勝於預期,純利則按年跌19.5%至30.2億元人民幣。
該行預料下半年送禮季節復甦,而牛奶表現強勁推動下,產品組合持續升級,支撐收入錄得高單位數增長。而今年下半年價格戰競爭減少,其毛利率亦應持續擴張。該行將公司今年及明年盈利預測分別下調2%及1%,並將其目標價由47.4元上調至48.7元,維持「買入」評級。(ca/u)
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