大行評級|大摩:下調中國旺旺目標價至4.8港元 當前估值合理地反映前景
摩根士丹利下調對中國旺旺現財年每股盈利預測4%,下財年及2026財年每股盈利預測降8%,預期乳製品及雪條需求仍然受壓,以及成本助力減弱。該行下調對該股目標價4%至4.8港元,新目標價為下財年預測市盈率14倍,已全面反映公司前景,評級“與大市同步”。報吿指,零食部門受雪條銷售疲弱影響,銷售連續錄得按年下跌,乳製品部門上半財年銷售下跌,受行業需求疲軟影響。該行對下半財年展望維持審慎,基於農曆新年銷售或受送禮需求復甦呆滯拖累。另一方面,公司海外業務強勁增長,上財年及上半財年均錄雙位數增長。該行認為公司海外業務為長期增長動力,基於廣泛產品組合滿足本土需求,以及對海外華人的品牌吸引力。但海外業務收入貢獻仍小,僅為中至高單位數,短期未對公司業務有顯著影響。
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