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《大行報告》瑞銀下調中國飛鶴(06186.HK)目標價至7.5元 評級「買入」
阿思達克 09-20 14:21
瑞銀發表報告指出,中國飛鶴(06186.HK)憑藉多品牌策略及渠道數碼化改革,公司上半年的市佔率持續提升,實現銷售按年增長0.6%,而上半年嬰兒配方奶粉(IMF)整體市場銷售按年錄得中雙位數(約13%至18%)的跌幅。因此,該行預期產業需求跌幅將於明年起逐步收窄,未來6至12個月的競爭將趨於緩和。另估計公司將因盈利復甦及派息增加而獲得估值重評。 該行認為,中國飛鶴目前的不利因素主要由於2020至2023年的新生兒數量下降,但其新品牌和渠道策略,應可推動未來幾年市場份額繼續增長。該行將公司2023至2025年的每股盈利預測下調13%至16%,以反映需求下跌、產品組合變化,以及渠道改革帶來的增量開支。該行對中國飛鶴的目標價由9.26元下調至7.5元,重申「買入」評級。
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