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聯盟百事難解近憂 康師傅飲料淨利大跌八成 @ 2012-05-30T07: Back Hot News
Keyword:康師傅
Concept:康師傅飲料業務首季
康師傅(00322.HK)首季純利增長六成一,若剔除與百事交易帶來的非現金收益,經常性利潤實際倒退一成六。康師傅股價跌百分之六,報17.96元,跌1.22元。證券商高盛指,康師傅首季稅後盈利差過該行預期,主要受宏觀經濟環境疲弱及劇烈競爭影響,期內飲品市場的市占率降至約四成半,方便面的銷售增長亦減弱。巴克萊表示,茶飲業務和並購了百事在內地的飲品業務,是其對前景的主要擔憂,因為康師傅在即飲茶領域第二大營運商的領先優勢急劇減弱,而百事的交易對今年帶來的損失程度並未明朗化。雖然利潤率目前開始回升,但對重要茶飲業務的收入增長前景仍心存擔憂。巴克萊將康師傅目標價下調百分之三,降至22.2元,維持中性評級。
摩根大通指,康師傅首季持續經營盈利,按年跌16%,遜預期,料其在方便面及茶飲料市場仍面對激烈競爭,故把其目標價下調13%至16.5元。
報告認為,康師傅首季業績再令市場失望,其中核心盈利按年下跌16.4%,僅得1.03億美元,較野村估計低兩成。該行又指出,由於康師傅盈利前景未明朗,故續予「減持」評級。

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