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大行評級|大華繼顯:下調乳製品行業評級至“與大市同步” 行業首選爲蒙牛

大華繼顯發表研究報告指,季初至今室溫牛奶產品的零售需求仍然疲弱,可能令乳製品公司繼續採取較保守的出貨策略,但受基數影響,料今年次季行業收入會按季改善。而原奶供需情況年初至今亦有改善,當中原奶價格有低單位數跌幅。該行預計供需情況於今年第三季短暫取得平衡,零售需求將因節假日而略爲改善,但不確定性依然存在,要視乎消費者需求的恢復以及上遊產能調整的速度。

該行將乳製品行業的評級由“增持”降至“與大市同步”。行業首選爲蒙牛,目標價23港元,予“買入”評級,因集團專注於提高營運效率,且預期每股股息及總派息額不會少於現有水平。

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