《大行報告》中金降康師傅(00322.HK)目標價至10.5元 下行風險基本反映股息吸引
中金發表評級報告,預計康師傅(00322.HK)2023年收入按年升2.9%,淨利潤按升21.5%至32億元人民幣;對應2023年下半年收入按年跌1.1%,淨利潤升13.1%,基本符合市場預期,低於公司年中指引,主要因第三季飲料銷售不及預期。
中金預計,公司今年有望實現中低個位數左右收入增長,其中飲料行業受益於無糖化趨勢,以及外出剛需屬性有望回歸全年層面穩健增長,而方便麵有望在2023年較低基數下維持平穩增長。
考慮到需求不及預期,中金將公司在2023年盈利預測下調10.5%至32億元人民幣、2024年則下調12.9%至35億元人民幣,同時引入2025年盈利預測為36億元人民幣,將其目標價下調30%至10.5元。該行表示,下行風險基本反映,公司有望維持100%分紅率不變,對應24年股利率逾8%,股利率吸引力較強,投資價值顯現,維持「跑贏行業」評級。(ca/u)
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