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大行評級|建銀國際:上調蒙牛目標價至20.7港元 上調今明兩年盈測
格隆匯 03-28 15:27
建銀國際發表研究報吿指,蒙牛去年純利按年跌98%,符合早前刊發的盈利預吿。集團的核心利潤率勝預期,毛利率及經調整EBIT利潤率擴大2.4個及2個百分點,分別達39.6%及8.8%。該行預期蒙牛今年的收入將恢復2%增長。雖然集團可能會維持相當高的銷售和營銷相關費用,但仍對其有信心,認為其有能力透過降低一般和管理費用、降低物流或倉儲成本,及提高供應鏈效率,將經調整經營溢利率按年至少提高0.2個百分點至8.9%。該行將集團今明兩年的盈測分別上調9%和7%,目標價由19.1港元上調至20.7港元,維持“跑贏大市”評級。
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