马银行投行将 FFB 5306 S FARM FRESH BERHAD纳入研究范围
(吉隆坡9日讯)马银行投资银行将Farm Fresh Bhd纳入研究范围,并给予“买入”评级,目标价1.95令吉,因3年净利复合年增长率(CAGR)为23%。
马银行投行分析员Jade Tam今日在报告中指出,她估计截至3月杪2021至2024财政年的3年核心净利复合年增长率为23%,主要因为3年营业额复合年增长率15%,以及盈利赚幅从2021至2022财年的28%,增至2023至2024财年的31%。
“这是因为Farm Fresh最近调高冷冻即饮(RTD)和超高温/常温奶类产品价格5%,这两类产品在2021财年共占营业额的76%。”
“牛奶加工量从2022至2024财年逐步增加,也将提振营业额增长。”
她给出1.95令吉的目标价,使Farm Fresh 2023年的本益比与国内乳制品同行的29倍相同。
休市时,该股报1.69令吉,无起落,市值为31亿4000万令吉。
相比首次公开募股(IPO)的1.35令吉,该股上涨了34仙或25.19%。
据Tam说,给予“买入”评级是基于该公司在乳制品业的主导地位、强大的管理和强劲的盈利增长潜力。
她表示,除了进行中的扩张计划,Farm Fresh还计划在近期内进军新区域市场(如印尼、菲律宾和香港),同时扩大产品范围,包括冰淇淋和儿童成长奶(液态奶),以与现有的奶粉产品竞争。
“凭着其产品的质量和在消费者中的受欢迎程度,Farm Fresh已经在上游和中游业务制定未来扩张计划,以巩固其行业领导地位,同时通过新品项和产品创新,推动销量增长。”
(编译:陈慧珊)
http://www.theedgemarkets.com/article/%E9%A9%AC%E9%93%B6%E8%A1%8C%E6%8A%95%E8%A1%8C%E5%B0%86farm-fresh%E7%BA%B3%E5%85%A5%E7%A0%94%E7%A9%B6%E8%8C%83%E5%9B%B4
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