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《大行報告》大摩降旺旺(00151.HK)目標價至5.3元 經營穩健
摩根士丹利發表報告,指中國旺旺(00151.HK)經營穩健,料其對新興渠道和海外渠道的投資將推動長期增長,而盈利在短期內將保持穩定。股息支付則可能會降低,值得關注。保持「與大市同步」評級,目標價由6.2元降至5.3元。 公司現價相當於預測2024財年市盈率12倍,與同業康師傅(00322.HK)及統一企業中國(00220.HK)相若,報告認為旺旺估值合理。由於估值已處自2009年以來歷史低位,料不會有重大向下重評,但短期缺乏催化劑。 大摩降旺旺2023至2025財年每股盈測介乎7%至8%,反映更高投資及財務開支上升;並預計旺旺明年3月底止全財年銷售額按年增長5%,意味下半財年增長6%。全財年利潤料按年增長13%,意味下半財年在低基數下增長16%。
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