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《大行》摩通:康師傅(00322.HK)中期業績大致符預期 予「增持」評級
摩根大通發表研究報告指,康師傅控股(00322.HK)上半年銷售按年跌2.7%,(撇除資產出售收益)經調整盈利升12%,大致符合市場預期。 摩通將康師傅的表現與統一企業中國(00220.HK)作比較,兩間公司的EBIT利潤率均擴張1.7個百分點,分別為9.2%及9.6%。康師傅的即食麵市場份額損失已正常化,將有利於公司下半年的銷售增長轉正。飲料業務面對競爭加劇和需求放緩,可能仍面臨挑戰。 該行認為,由於康師傅擁有高股息率,其在中國消費市場中具備下行保護,在整體宏觀經濟和消費情緒平淡的情況下顯得更具吸引力,予「增持」評級。
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