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《外資精點》摩通:偉易達表現遜預期,降目標價至82元兼降盈測 @ 2014-05-26T04: Back Hot News
Keyword:曾俊華 退保 財爺 退休保障制度 作棋子
Concept:
《外資精點》瑞銀指偉易達業績符預期續評中性,目標價108元
瑞銀將偉易達評級由「買入」調低至「中性」,目標價則維持108元不變。(ah)
瑞銀預期,輝山乳業(06863.HK)2014年的業績將會稍優於該行之預期,因其平均售價較高,但相信輝山的乳液收成量將稍為下降,因有更多小母牛延遲進口,抵銷了高於預期的原奶價格。該行將公司2015及2016年盈利預期分別下調13%及19%,目標價由3.2元降至2.23元,維持中性評級。該行預期,輝山的嬰兒奶粉業務運營時間短,未打通傳播渠道,近期與菲仕蘭(FRIESLANDCAMPINA)設立聯營之合作將對雙方合作有長期的正面作用,而菲仕蘭也可能因而獲得內地政府的支援,加強本土化生產。該行預期,雙方設立合資,最可能涉及的品牌是子母牌(DUTCH LADY),因為此品牌具備全球定位及知名度。惟該行憂慮,菲仕蘭的皇牌產品美素佳兒也只能在一、二線城市發展,相信聯營的品牌發展道路並不平坦,是否成功搶占市占率並不明朗。

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