《大行報告》高盛下調康師傅(00322.HK)評級至「中性」料盈利面臨挑戰
高盛發表報告表示,決定下調康師傅(00322.HK)投資評級,由原來「買入」降至「中性」,因其進行較多宣傳投資、提供較高產品平均售價折扣、及渠道重整於下半年仍未完成,該行料康師傅下半年業績仍存挑戰。
該行表示,將康師傅目標價由15.5港元降至12.1港元,此相當於預測2019年至2020年企業價值對EBITDA的9.5倍(此前予其11.5倍),接近其五年歷史平均估值,以反映料其未來核心盈利增長放緩,目前料公司於2018年至2020年每股盈利平均複合增長率僅5%,並估計今年每股核心盈利將下滑3%。
高盛表示,康師傅短期缺乏催化劑,料市佔率會持續流失,料至2020年才會開始見到正面因素。該行將康師傅2019年每股盈利預測由0.47元人民幣(下同)降至0.43元,下調對其2020年每股盈利預測由0.53元降至0.49元。
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