《大行》大摩:康師傅(00322.HK)上半年業績符預期 目標價12.6元
摩根士丹利研究報告指,康師傅(00322.HK)上半年收入按年跌3%至400億元人民幣(下同),符合該行及市場預期。淨利潤按年增長20%至22.7億元,當中包括處置附屬公司所得的2.11億元一次性收益。剔除一次性因素,淨利潤按年增長12%至21.1億元。
期內經常性經營利潤按年增長13%,符合預期。經營利潤率擴張1.1個百分點至7.9%,主要反映毛利率提升1.8個百分點,但被銷售及管理費用率上升0.8個百分點所抵銷。即食麪業務毛利率上升0.7個百分點至27.8%,飲品業務毛利率則提升2.5個百分點至37.7%。該行現予目標價12.6港元及「與大市同步」評級。
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