中金上调蒙牛乳业(2319.HK)目标价20%至35.6港元
中金公司发表研究报告预测,蒙牛乳业(2319.HK)上半年收入按年增长14%,上半年息税前利润升26%,认为公司基本面向好、增速稳健,上调目标价20%至35.6港元,即较昨日(31日)收盘价31.8港元,仍有上升12%的空间。
报告指出,增值税下降与产品结构升级,均对蒙牛的毛利率有利,惟原奶成本上涨与部分产品降价却对此造成一定的抵销。
中金指出,蒙牛剥离君乐宝能让公司资本开支更好地聚焦于高增长、高利润率的品类,减少对整体盈利能力的稀释,亦将改善蒙牛资产负债率及现金流状况,但同时剥离后对公司收入减少将较为明显。
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