《大行报告》汇丰研究降维他奶(00345.HK)目标价至40元指下半财年纯利倒退6%
汇丰环球研究发表报告表示,维他奶(00345.HK)截至今年3月底止全年度纯利按年升近19%至6.96亿元,低於该行原预期4%,其2019财年下半年盈利较低(料按年倒退6%),相信是受到收入增长放缓、支出较高及不利外汇因素所影响。
该行指,维持维他奶「持有」投资评级,将目标价由42元降至40元,此相当於预测2020年市盈率52倍。该行下调对其2020财年及2021财年每股盈利预测各8%及10%,分别至0.77元及0.92元,反映收入增长较低及营运成本较高的预期。该行降维他奶於2020财年及2021财年每股派息预测7%及9%,分别至0.51及0.61元,股息回报厘约1厘水平。
汇丰环球研究指,维他奶指会努力保持在内地业务长期增长率,对品牌资本建设作必要投资,或会影响盈利表现。
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