大行評級|里昂:上調農夫山泉目標價至45.4港元 水業務的強勁走勢爲重要催化劑
里昂發表研究報告,預期農夫山泉的水業務收入在3月將因低基數效應而錄得強勁增長,公司在2月正常基數時已交出亮麗的增長,料今年的水業務收入會按年增10%。據該行的調查,包裝水業務的市場競爭亦會按年減輕,無糖茶飲料繼續受惠於內地多年不斷提高的無糖產品滲透率。
該行指,農夫山泉董事長鍾睒睒表示,公司不會發動價格戰。根據該行調研,公司年初至今一直控制其綠瓶純淨水的佔比,且折扣幅度有所收窄。至於與娃哈哈的競爭,該行認爲農夫山泉擁有更強的渠道優勢,能夠逐步奪回市場份額。此外,該行視農夫山泉水業務的強勁走勢將是未來三個月中重要的催化劑,將公司目標價由35港元升至45.4港元,評級由“跑贏大市”升至“高度確信跑贏大市”。
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