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《大行報告》建銀國際下調康師傅(00322.HK)目標價至12.5元 評級「跑贏大市」
阿思達克 11-06 11:03
建銀國際發表報告指,康師傅(00322.HK)本月起將部分中型樽裝飲品的建議零售價,由3元人民幣上調至3.5元人民幣,加幅17%,部分大樽裝飲品由4元人民幣上調至5元人民幣,加幅25%,以反映原材料及勞工成本上升。該行認為加價將會改善銷售渠道的盈利能力,不過最終售價由零售商決定,將會顯示實際市場反應。由於市場競爭激烈、消費復甦緩慢,加價可能導致市場份額流失,拖累盈利增長。 該行預期第三季方便麵及飲品需求呆滯,銷售增長較預期疲弱,令渠道庫存增加,將下半年方便麵收入增長預測由4.5%下調至3.4%,飲品銷售增長預測由8.6%下調至5.5%,維持該股「跑贏大市」評級,目標價由13元下調至12.5元。
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