《大行報告》瑞銀升蒙牛(02319.HK)評級至「買入」 料液態奶有加價趨勢
瑞銀發表報告表示,據其在6月所進行調研顯示,新冠疫情令民眾更為關注健康,引令內地奶製品需求強於預期,所有等級城市地區的乳製品購買頻率和每月支出的淨變化百分比上升,加上內地牛奶供應不足,料可能導致內地今年下半年以後液態奶產品有加價趨勢。
該行決定上調對蒙牛乳業(02319.HK)投資評級,由「中性」升至「買入」,上調目標價由30元升至44元,此按綜合方式作估值,相當預測2021年及2022年市盈率各29倍及25倍。該行升蒙牛於2020年至2022年純利預測各11%、10%及10%。
瑞銀稱,鑑於蒙牛乳業在2020至2022年的每股核心盈利複合增長率為40%,其現價相當於預測2021年市盈率為25倍,對比中國/香港消費必需品同業的每股盈利年均複合增長率為18%(預測2021年市盈率為31倍),認為蒙牛估值具有吸引力。
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