《大行报告》麦格理升统一(00220.HK)目标价至11元评级「跑赢大市」
麦格理发表的研究报告指，统一企业中国(00220.HK)次季业绩稳健，期内纯利按年增34.9%至6.17亿元人民币(下同)，较该行预测高出18%，认为反映即使市场放慢，统一高端化的策略仍见效，上调今明两年盈测分别8.9%及10.5%，维持「跑赢大市」评级，目标价由10.1元升至11元，相当於明年预测市盈率25倍。
该行指出，上半年统一收入按年升2.2%，当中即食面表现跑赢饮品业务，在即食面方面，高端即食面增长健康，并占即食面收入达三成，其中「汤达人」品牌有好表现，销售按年增长20%，而自热饭亦受市场喜欢，相信其规模扩大时可助进一步改善统一的产品组合。在饮品业务方面，奶茶仍然是最强的产品，而「海之言」品牌在次季重拾增长，总体而言，该行估计今年即食面及饮品销售将分别按年增长1.3%及2.4%。
麦格理指出，统一上半年毛利率按年扩张3.1个百分点，主要受惠原材成本管控、增值税优惠及产品组合升级，展望将来，该行估计原材料成本及增值税方面的利好因素将在下半年持续，而在广告推广方面，公司计划投放更多预算在新产品广告及策略性推广，以抵御市场竞争，尽管市场竞争激烈，该行相信其高端化策略可助公司避开价格战，故预期在2019及2020财年经营利润率可分别按年改善2.2个百分点及0.7个百分点，至分别8.4%及9.1%。
该行补充，3月时，统一首次将派息比率扩至100%，由於资产负债表健康，料未来有能力维持高派息比率。该行现估算未来三年统一维持派息比率达100%，意味今明两年股息率料分别达4.3%及4.7%。该行称，股息率吸引属波动市况下的理想缓冲。
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