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《大行報告》美銀證券降康師傅(00322.HK)目標價至10.6元 盈利或見底
阿思達克 02-22 10:07
美銀發表研究報告,預測康師傅(00322.HK)2023年銷售額及淨利潤分別按年增長3%及18%,當中去年下半年銷售額料跌2%,相應將去年及今年每股盈利預測下調1%及5%,較市場普遍預期低5%及8%。全行業評級下調後,美銀亦將康師傅的目標價由12.6元下調至10.6元。 但美銀指出,基於2022至2023年數據,認為今年公司盈利或觸底,其基本盈利亦預計可達到27億至30億元人民幣,當中未包括土地處置收益等一次性因素。 美銀指,市場上有部分投資者仍對麵食產品市場前景及盈利能力抱懷疑看法,但該行注意到與中國最接近的日本和南韓麵食市場仍持續增長,表明中國市場增長前景亦具有彈性,同時相信康師傅已基本挽回因2022年提價而造成市場份額損失。 至於飲品市場方面,該行認為無糖產品的銷售增長反映市場出現消費升級現象,而康師傅亦有推出此類產品,盡量減少市場份額流失,目前仍預計2024年每股盈利可實現增長,重申「買入」評級。
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