You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
交银国际:首次覆盖予农夫山泉(9633.HK)中性评级 目标价58港元
格隆汇 01-12 13:32

交银国际发表研究报告表示,农夫山泉(9633.HK)为包装饮用水及饮料行业龙头,公司包装水市占率连续八年第一。2017-19年收入及净利润复合年增速为17%及21%,2019年毛利率及净利率分别为55%及21%,业绩增速及盈利能力均领先同行。该行首次覆盖予中性评级,目标价58港元。

报告预测包装水行业2019-24年复合年增速11%。产品差异化空间小,新进入者较难打开市场,公司凭藉水源地、品牌及渠道优势有望保持高于行业的增速。饮料业务方面,公司在无糖茶等高增长品类的产品布局领先同行,同时在过去十年表现出卓越的产品生命周期管理能力。

交银又认为,公司建立了短期难以打破的竞争壁垒,且是软饮料行业稀缺性标的,但目前估值较高,建议等待调整后才买入。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account