《大行报告》野村下调日清食品(01475.HK)目标价至7.5元 评级「中性」
野村发表报告表示,日清食品(01475.HK)主要对手包括康师傅(00322.HK)和统一企业中国(00220.HK)今年均计划要高端化品牌,作为核心策略,令日清面对的竞争增加。加上棕榈油成本价格增加逾30%,加上全年来自上海分销业务较低润的贡献,令毛利有下行压力,而今年因应竞争堵加,令推广开支将需加强,降今年经营溢利预期2个百分点。
该行指,预期日清食品去年第四季本港销售增长约15%,主因香港再度禁止6时後的晚市堂食,令即食面需求增长,同时更新去年销售增长预期至12%,因相信新冠疫情的影响大致减退,需求将会变得正常化,虽然去年的高基数,但预期今年销售仍有3%增长,重申对日清食品「中性」评级,目标价由8.5元降至7.5元。
在消费品股中,该行更看好恒安国际(01044.HK)。
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