《大行報告》麥格理升農夫山泉(09633.HK)評級至「中性」 上調目標價至34.7元
麥格理發表報告,預料農夫山泉(09633.HK)2023年收入及純利分別增長27%及31.5%,意味著去年下半年收入及純利分別增長31%及38.8%,呈現加速走勢。該行相信,無糖茶飲品是關鍵的推動力,令其全年收入按年升逾80%,而這一個高質素增長更多是來自每位經銷商的銷售效率,並非經銷商的數目。
該行表示,由於產品組合較佳及銷量規模擴大,料公司去年利潤率擴張1.9個百分點、毛利率擴張1.7個百分點、營運利潤率則按年擴張,並認為此擴張走勢持續至今年。
該行將公司去年、今年及明年純利預測分別上調3%、3%及4%,並將其目標價由33.7元上調至34.7元,評級由「跑輸大市」升至「中性」。(ca/k)
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