《大行》匯豐研究降康師傅(00322.HK)目標價至10.4元 評級降至「持有」
匯豐研究報告指,康師傅(00322.HK)上半年收入按年跌2.7%,淨利潤則按年增長20.5%。剔除一次性影響後,淨利潤按年增長12%,符合該行預期。該行認爲股價近月回調,主要受飲品行業競爭加劇及外賣平臺補貼影響。展望下半年,由於第四季爲淡季,料價格競爭或將緩解,但認爲康師傅飲品的市佔率在未來兩年仍面臨壓力,因市場有新競爭者加入。
該行將2025至27年收入預測分別下調4.7%、6.7%及7.5%,淨利潤預測下調3.4%、9.2%及11.9%。目標價由14.7元降至10.4元,基於康師傅的股息收益率仍高於行業平均水平,評級由「買入」降至「持有」。
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