智通财经APP获悉，星展发布研报称，维持康师傅控股(00322)“买入”评级，目标价由14.1港元降至13.5港元，目标预测市盈率维持17倍，基于7厘股息。
康师傅大碗与经典系列即食面及1升装饮品去年加价后，两者市占对比同业如统一企业中国(00220)及农夫山泉(09633) 转差。该行对公司销售作更审慎假设，料今年收入同比轻微下跌，明年则温和复苏4%，受惠于雪柜投资强化渠道渗透，以及新兴渠道战略性增长，包括电商及零售商会员。
该行料公司今年业绩仅及指引下限，即食面销售料低单位数下跌，饮品销售亦略为下跌。该行预期原材料成本趋势维持大致有利情况，譬如面粉及糖，纵使棕榈油价格仍同比上升，利润率料于下半年维持稳定扩张。总计下调对公司今明两年盈利预测4%及1%。扣除上半年一次性因素。全年盈利料同比升6%。
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