野村:上調日清(1475.HK)目標價至8.2港元 評級“買入”
野村發表研究報告指,日清食品(1475.HK)第三季收入增長強勁,而利潤率則遜預期。但該行對公司利潤率前景看法正面,重申對日清“買入”的投資評級,將目標價由7.5港元上調9.3%至8.2港元。
野村表示,日清第三季整體收入及淨利潤分別按年上升7.2%及8.8%。其中,中國內地銷售增長持續強勁,該行預期日清將會繼續受益於內地高端市場及市佔率持續擴大。至於香港業務,該行指出公司受益於即食面銷售強勁,香港銷售亦見覆升,遂將今日香港即食麪銷售增長預測由按年升0.4%上調至3.9%。
野村又提到,日清季內的毛利率按年擴大2.4%,而營運利潤率增長則放慢0.6個百分點,主要受銷售及行政開支增加所致。但該行對日清利潤率前景持正面看法,料銷售及行政開支正常化,以及平均售價提高後,2020財年的利潤率將有望持續擴闊。
該行將日清2019財年的盈利預測下調3%,以反映銷售及行政開支增加等因素,料這將輕微抵銷收入增長。

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