大行評級|瑞銀:維持蒙牛“買入”評級 近期調整已部分反映減值損失
瑞銀髮表報告指出,蒙牛發盈警,預期去年純利介乎5000萬至2.5億元,相對於2023年的48億元大幅下跌,主要由於期內貝拉米錄得38億至40億元的商譽減值,以及現代牧業虧損介乎7.9億至9億元。如剔除46億至49億元的一次性減值影響,去年經常性淨利潤將按年持平,並較該行及市場預期高出14%與12%,主要受毛利率擴張及節省成本所推動。該行認爲,蒙牛近期調整已部分反映減值損失,預期公司在有效的成本控制及今年原奶價格可能好轉的情況下,其利潤率將持續擴張。公司現價相當於今年預測市盈率11.5倍,估值非常吸引,維持對其“買入”評級,目標價20.5港元。
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