大和:降蒙牛(2319.HK)目標至31.8港元 料下半年或回覆增長
大和總研發表研究報告指,蒙牛乳業(2319.HK)去年利潤按年升27%符合市場預期,惟遜該行預期4%。管理層料,雖然受新冠肺炎影響將導致上半年收入下跌,但料下半年能錄得雙位數增長,經營利潤率亦會擴張。大和重申其“買入”投資評級,目標價由32.6港元下調至31.8港元。
大和表示,蒙牛的產品在疫情中仍升級持續,而巴氏殺菌產品在去年收入增長強勁。大和又指,由於疫情導致銷售減少及雪糕銷售下跌,該行下調蒙牛2020-21年收入3-5%,而今年上半年推廣等成本增加,下調其每股盈利9-11%。

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