《大行報告》美銀證券降旺旺(00151.HK)目標價至5元 復甦乏力令人憂慮會否派息
美銀證券降中國旺旺(00151.HK)目標價,由5.2元降至5元,重申「跑輸大市」評級。該行下調對公司現財年及下財年每股盈利預測4%及3%,反映銷售增長預期下調及財務成本上升。
報告指,中國旺旺中期收入及稅後盈利在低基數下按年升4.1%及8.5%,兩年累計分別按年跌1%及17%。米餅及乳製品與飲品銷售按年升4.5%及7.1%,但零食銷售按年跌1.5%。受疲弱宏觀及消費者價值意識影響,零食折扣店在內地急速擴展。該行認爲公司在有關渠道對比同業欠積極,或導致復甦持續慢於同業,以及未來潛在的本土市佔流失。
報告亦指,公司宣佈不派中期息,同時表明考慮是否派發末期息,令人感到意外。縱使公司考慮以股份回購取代,該行認爲派息在本港市場爲回報股東更有效方法。
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