《大行報告》美銀證券降蒙牛(02319.HK)目標價至36.5元 下調盈測
美銀髮表報告,降蒙牛乳業(02319.HK)今明兩年每股盈測分別7%及9%,在中國宏觀環境疲弱下,對其收入估算更趨審慎,不過相關因素已大致反映,目標價由42元下調至36.5元,評級「買入」。
該行認爲,短期而言,蒙牛的收入表現仍爲關注重點,不過相對合理的市場競爭、現金流及利潤率改善,將會提供緩衝,明年首季表現關鍵,若果收入有中單位數增長,將會成爲股價催化劑,相信該股風險回報正面。
該行料蒙牛今年收入、核心經營溢利及稅後純利分別增6.4%、15.5%及3%。
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