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大摩:食品股首選蒙牛(2319.HK)等 升農夫山泉(9633.HK)評級至“與大市同步”

摩根士丹利發表研報指,今年上半年利潤壓力影響內地食品及飲料行業,但憧憬下半年產品提價將帶動利潤率改善,並分化各公司下半年業績。

報吿指,餐飲行業相關股份年初至今累計下跌約16%,對比MSCI中國指數同期下跌約15%,其中市場關注原料成本上升,令餐廳、調料、奶類行業表現較弱;至於地區性酒類及啤酒股則受惠於產品高端化及市佔率提升,表現相對較好。

大摩表示,未來較關注定價及利潤率有潛在提升空間的企業,預期該行覆蓋的餐飲股(除餐廳外)下半年盈利按年增長約20%,增幅較上半年的15%加快,建議投資者留意各公司定價能力及產品組合。

大摩首選股為蒙牛(2319.HK)、海天味業(603288.SH)、華潤啤酒(0291.HK)、百勝中國(9987.HK)、茅台(600519.SH)及五糧液(000858.SZ);同時亦看好百威亞太(1876.HK)及九毛九(9922.HK)可在市場中復甦,並將農夫山泉(9633.HK)的評級升至“與大市同步”。

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