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《大行報告》大和下調康師傅(00322.HK)目標價至11元 評級「持有」
阿思達克 11-06 10:46
大和發表報告指,康師傅(00322.HK)日前宣佈部分飲品加價,當中即飲茶建議零售價由3元人民幣上調至3.5元人民幣,1升裝果汁由4元人民幣上調至5元人民幣,主要反映原材料及員工成本通脹。即飲茶在公司飲料業務中佔比最大,上半年收入100億元人民幣,相當於整體飲料收入38%,相信加價有助紓緩明年利潤率的壓力,但在市場競爭下,對於收入的刺激作用可能分歧,維持其「持有」評級,等待顧客對加價的反應明朗化。 該行因應公司加價,將2024至2025年盈利預測上調1%,認爲加價的有利因素,部分被銷售略爲下跌所抵銷,目標價由11.5元下調至11元。
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