《大行》招商證券升康師傅(00322.HK)評級至「增持」 目標價微升至13.6元
招商證券發表報告,將康師傅(00322.HK)評級由「中性」上調至「增持」,原因是自該行在去年8月27日將康師傅評級下調至「中性」以來,多個關鍵因素已發生積極變化,利潤率比預期更具韌性,下半年銷售復甦趨勢更加明確,原材料成本環境依然有利。目標價由13.5元微升至13.6元,認為公司7.6%股息率疊加估值吸引。
報告指,雖然康師傅營收略低於預期,但公司在上半年盈利受利潤率驅動小幅超預期,毛利率按年提升190個基點至34.5%,經調整淨利潤按年增長12%。管理層將全年銷售指引從低至中單位數增長下調至持平至低單位數增長。不過,考慮到上半年營收按年下降2.7%,這一指引仍暗示下半年將實現環比復甦,惟復甦幅度較為溫和。
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