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《大行报告》瑞信升旺旺(00151.HK)目标价至6.4元评级「中性」
阿思达克 06-19 11:09

瑞信发表研究报告指,中国旺旺(00151.HK)全年业绩大致上符合该行及市场预期,净利润按年增11.6%,销售按年上升2.8%,换言之其下半年收入及净利润按年升2.4%及14.7%,而上半年则各增长3.2%及7.1%。全年利润率扩张主要归因於产品加价,而部分则被广告及推广费用率增加1.5%所抵销。而基於新会计制度,该增加的费用现已在收入反映出来。

报告指,见到旺旺新经营渠道(如:电子商贸及母婴店铺)愈来愈成为主要销售推动力,占总收入约6%。不过考虑到加价後引致的高基数及持续投资新渠道,预料盈利增长将减慢,故相信2019至2021年度收入及盈利年复合增长率分别达3.9%及5.4%。

另外该行将2020至2021年度盈利预测调高3至4%,达到36.62亿元人民币及38.6亿元人民币,并将目标价由6.2元升至6.4元,维持评级「中性」。

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