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《大行》建銀國際料蒙牛(02319.HK)持續股份回購可支持估值 維持「跑贏大市」評級
阿思達克 09-01 15:50
建銀國際發表研究報告指,受到聯營及合營公司虧損拖累,蒙牛乳業(02319.HK)上半年收入及淨利潤各下跌7%及16%,按業務劃分,液態奶收入下跌11%,冰淇淋及奶粉業務收入分別增長15%及3%。該行將蒙牛收入跌幅較同業大,歸因於集團更依賴液態奶業務收入,而目前液態奶市場需求疲軟及競爭加劇,導致期內業績受到影響。 建銀國際指,由於液態奶需求持續疲軟,蒙牛收入跌勢將於下半年持續,目前預測下半年收入將跌5%,其中液態奶銷售料跌7%,相應將今明兩年盈利預測下調13%及2%,維持「跑贏大市」評級,目標價由20.7元下調至18.1元。惟建銀國際相信,蒙牛擁有強勁現金流,可為2025至2027年間50%股息分派比率提供支持,而持續股份回購亦可支持估值。
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