大行評級|麥格理:上調康師傅目標價至14港元 上調2024至26財年淨利潤預測
麥格理髮表研報提及,康師傅管理定價以維持利潤率,為應對棕櫚油價格上升,將中端面類產品價格上調中至高單位數。該行分析後認為,面類產品價格上調中單位數,已可完全抵銷棕櫚油價格上升35%。鑑於行業競爭正在緩和,面類產品行業正處於最佳狀態,故該行相信康師傅的毛利率能夠維持。麥格理預期,康師傅2024財年下半年整體營收增長將達0.1%,好於早前預測的下跌0.4%;淨利潤按年升16%。該行亦預期,康師傅未來三年的盈利複合年均增長率將為13%,現金收益率將持續為7%。另外,麥格理將康師傅2024至2026財年淨利潤預測,分別上調2.6%、3.8%及3.7%;同時將其目標價上調4%至14港元,給予“跑贏大市”評級。
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