《大行報告》瑞銀上調康師傅(00322.HK)目標價至20.2元 評級「買入」
瑞銀發表的研究報告指,雖然康師傅控股(00322.HK)上半年業績遠勝預期,但今年以來股價仍跑輸MSCI中國消費必需品指數17個百分點,反映市場認為公司上半年即食麵方面的增長僅一次性,並估計下半年收入將減速。
該行指出康師傅上半年在即食麵及飲品方面跑贏主要競爭對手,主要是因為公司供應鏈在疫情下反應迅速,加上品牌強勁、在低端城市滲透率較高,估計高單位數收入增長的情況在今年下半年及2021年可以持續,主要受惠市場份額提升及產品組合升級,此外飲品消費復甦亦帶來幫助。
瑞銀將康師傅2020至2022年收入預測上調,當中即食麵分別升3.7%、1.6%及1.6%,而飲品則分別升0.4%、2.6%及3.5%,盈利預測則分別升26%、21%及20%,目標價由17.5元升至20.2元,評級「買入」。
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