《大行报告》建银国际下调康师傅(00322.HK)目标价至12.5元 评级「跑赢大市」
建银国际发表报告指,康师傅(00322.HK)本月起将部分中型樽装饮品的建议零售价,由3元人民币上调至3.5元人民币,加幅17%,部分大樽装饮品由4元人民币上调至5元人民币,加幅25%,以反映原材料及劳工成本上升。该行认为加价将会改善销售渠道的盈利能力,不过最终售价由零售商决定,将会显示实际市场反应。由于市场竞争激烈、消费复苏缓慢,加价可能导致市场份额流失,拖累盈利增长。
该行预期第三季方便面及饮品需求呆滞,销售增长较预期疲弱,令渠道库存增加,将下半年方便面收入增长预测由4.5%下调至3.4%,饮品销售增长预测由8.6%下调至5.5%,维持该股「跑赢大市」评级,目标价由13元下调至12.5元。
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