《大行報告》富瑞降康師傅(00322.HK)目標價至11.5元 下調盈測
富瑞發表評級報告,預料康師傅(00322.HK)2023年下半年純利按年升11%至15億元人民幣,銷售增長持平於406億元人民幣。至於麵食業務,該行料2023年下半年銷售按年跌3%,其中第三季增長持平、第四季下跌,並預料集團毛利率按年及按半年改善,因原材料成本壓力放緩。該行亦預料飲料業務銷售按年升2%,由於夏季銷售量較預期弱,管理層已調整其批發訂單,導致第三季增長相對地持平,並於第四季回復正常。
該行將集團在2023年、2024年及2025年純利預測分別下調13%、24%及24%,而銷售預測則下調4%、8%及10%。該行預料,今年銷售錄得2.4%增長,但基於去年上半年基數高及去年下半年勢,料今年上半年銷售增長或持平。該行將其目標價由15.6元下調至11.5元,維持「買入」評級。(ca/u)
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