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《大行報告》瑞信康師傅(00322.HK)管理層對下半年展望審慎維持「中性」評級
阿思達克 08-27 11:11

瑞信發表報告表示,康師傅(00322.HK)今年上半年銷售按年下跌1.6%,表現遜預期,銷售疲軟(特別是飲料按年下降4.1%)主因渠道減少庫存及改革,使渠道庫存水平下降3%至4%。至於純利則按年增長15%,輕微優於市場預期。

該行表示,上調對康師傅目標價,由11.96元升至12.9元,因對其估值延伸至2020年,維持「中性」評級。此外,又上調集團今明兩年盈利預測各約3%,以反映公司上半年盈利表現較預期強勁。

瑞信表示,康師傅管理層對下半年的展望保持審慎,會主要聚焦於繼續改革渠道;投資於品牌建設;及改善現金流以支持派息。

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