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大行評級丨大和:中國旺旺再升空間不多 降評級至“持有”
格隆匯 10-07 20:53
大和發表報吿,中國旺旺(0151.HK)毛利率有望改善,但股價再升空間不多,降評級至“持有”。報吿引述旺旺管理層指出,夏季銷售較第二季弱,因受到天氣影響,加上需求疲弱,同時渠道去庫存拖累。不過,旺旺管理層稱奶粉價格回落利好集團,加上中國取消對紐西蘭奶粉關税,料有利毛利率改善,故大和相信2025上半財年毛利率有望攀至47%。基於最新業務評估,大和將旺旺2025至2027財年每股盈利下調最多4%,目標價由5.6港元升至5.9港元,但由於料再升空間有限,評級由“買入”下移至“持有”。
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