大行评级丨建银国际:上调康师傅目标价至12.2港元 维持“跑赢大市”评级
建银国际指,康师傅去年7月把经典面系列出厂价作中单位数上调后,去年10月对大号包装面食出厂价作中单位数上调,两次调整占公司即食面产品组合八成。该行料去年下半年毛利率扩大1.8个百分点至32.2%,受惠产品平均售价上升及有利的原材料成本,尤其是糖及面粉。该行料去年下半年净利润增长17%,销售增长0.4%,意味全年净利润增长16%,跑赢10%至15%增长的指引。建银国际大致维持对该股去年盈利预测,目标市盈率14.5倍,目标价由11.1港元上调至12.2港元,维持“跑赢大市”评级。
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