《大行報告》匯豐研究下調蒙牛(02319.HK)目標價至31.8元 上半年業績符預期
匯豐研究發表報告指,蒙牛(02319.HK)上半年業績符合公司指引及該行預期,雖然行業需求疲弱,但公司各業務均提升市場份額,特別是高檔液體奶及低溫產品。
管理層指,願意透過派息及回購向股東回饋更多,因此該行將今年至2025年三年期間的派息比率預測,由歷史水平30%,分別上調至40%、45%及50%。
由於業績符合預期,該行只是微調蒙牛的預測,估計今年收入增長9.7%,核心經營利潤率6.4%,按年升0.5個百分點,今年至2025年純利的複合年增長率17%,維持「買入」評級,目標價由34元下調至31.8元。
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