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大行評級|高盛:予蒙牛“買入”評級 去年經常性淨利潤和現金流強勁
格隆匯 02-19 14:07

高盛發表研究報告指,蒙牛昨日發盈警,儘管蒙牛附屬公司貝拉米的一次性非現金減值高過預期,以及現代牧業所產生聯營公司虧損,留意到蒙牛的核心經營利潤及純利高過預期,錄得核心利潤率明顯改善及強勁現金流。該行予蒙牛目標價21.8港元,評級“買入”。

撇除奶粉減值及非現金減值項目,高盛估算蒙牛去年核心純利逾50億元,意味按年上升。另外,該行亦指蒙牛估值及股東回報吸引,而且亦料原奶週期會在今年下半年錄得更平衡的供需關係。該行亦提到,貝拉米商譽減值陰霾亦大致移除,指在減值後,公司所持的商譽爲4.29億至6.29億元。

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