《大行報告》瑞銀下調農夫山泉(09633.HK)目標價至48元 評級「中性」
瑞銀發表報告指,農夫山泉(09633.HK)去年業績表現大致符合預期,其收入增長12%,及純利增長達19%,高於預期,主要是一次性匯兌收益達3.7億元人民幣,以及較低的所得稅率達23.1%。
該行指,基於去年夏季炎熱及今年市場競爭加劇,農夫山泉管理層指引今年收入增長錄長10%至15%( Low-to-mid teens),低於該行預期,同時管理層預料今年利潤率或呈下降趨勢,主要是毛利率呈溫和復甦、銷售及分銷(S&D)比率升、以及匯兌下降。
瑞銀指,由於農夫山泉指引收入低於預期,故將公司息稅前利潤預測下調4%,惟將公司盈利預測大致上維持不變,主要是利息收入上升。該行下調對農夫山泉目標價由48.8元降至48元,相當預測今年市盈率50倍,維持「中性」評級。
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