Market Brief

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Author

陳招富先生 (Anthony Chan)
經理

現任職輝立經理,樂意與客戶研究買賣策略。歡迎各位來電交流心得
Phone:
22776655

维他奶(345.HK)

Monday, July 25, 2016 Views5753
業務回顧
集團面對來自全球及本地經濟下行的挑戰,仍秉持執行,擴展及創新的發展策略。
截至 2016 年3 月底,公司總收入顯著增長10%至55.52 億元港幣,若不計及匯率因素之影響,則總收入高達13%增長。毛利率同比上升1%至51%,股權持有人應佔溢利増加43%至5.31 億元。
中國内地和香港澳門仍是主要的核心市場,佔總銷售額81%,其中内地業務收入佔總收入的43%,而香港業務佔37%。
 
財務狀況
集團持有2.73億現金和銀行存款,並有可動用銀行信貸額約10億,足以應付未來之現金流需要。巿賬率8.277倍,巿盈率約30倍,相對其他食品股如康師傅(00322) ,巿賬率1.73倍,巿盈率約19.61倍 ,中國旺旺(00151) ,巿賬率4.62倍,巿盈率約16.16倍, 估值不算便宜。不過,該集團財政穩健,現金流強勁,實屬穩健之選。
地區業務
 
香港業務維持穩健增長約1%,相信在持續的營銷推廣下及新奶茶產品的收入貢獻下,香港業務未來仍可取得高單位數增長。本年度推出名為VITASOY GO的流質營養健康小食,另外, 維他港式系列增添新產品:維他鴛鴦及維他奶茶(特濃茶味)。
 
中國內地業務持續強勁的表現,集團繼續提升實力,為長遠增長奠定基礎。武漢新廠房的投入,能降低運輸成本及有助提供完善的客戶服務,從而滿足湖北省以至華中地區的需求,期望為集團帶來盈利。
同時,集團持續執行「更深更廣」業務策略,推動華南、華中及華東地區的銷售增長,並以更強大的銷售及分銷網絡強化其營運能力。
 
新加坡整體業務增長23%,集團繼續投資於特定銷售渠道推廣及顧客試食活動等市場推廣活動。UNICURD品牌豆腐加入維他奶高端有機豆腐,更能為消費者提供多樣化的產品組合選擇,進一步鞏固維他奶飲品進口的品牌價值。
集團決定終止虧損的美國業務並出售北美洲主流業務及山水品牌業務,使集團專注於加快其核心業務的增長,並進一步開闢至其他市場。
 

筆者認為集團的產品在華人地區有很高的知名度,在中國和新加坡應可實現持續的可觀增長。建議可以分兩注買入, 第一注可在14附近買入, 第二注在12元附近買入。目標價17元。
 
註:本人陳招富為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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