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《大行報告》里昂下調中國飛鶴(06186.HK)目標價至5元 評級維持「跑贏大市」
阿思達克 09-07 10:17
里昂發表研究報告指,中國飛鶴(06186.HK)的市場份額擴張有限,因為過去三年集團的銷售受到新生嬰兒下降的影響,而其85%以上的收入均來自1至3階段嬰兒配方奶粉(IMF)。該行認為,由於不利的產品組合和客戶目標,其利潤率收縮屬於結構性。然而,公司計劃增加派息和強勁的淨現金狀況應該會在一定程度上重塑投資者的看法。 該行表示,考慮到集團今年上半年的業績,將其目標價由6.8元下調至5元,但維持「跑贏大市」評級。
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