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港股异动︱达利食品(03799)涨超7% 大和重申其“买入”评级并升目标价至6港元

Changes in Hong Kong stocks | Dali Foods Group (03799) rose more than 7% and reiterated his "buy" rating and raised his target price to HK $6.

智通財經 ·  Sep 29, 2021 14:17

Zhitong Financial APP learned that Daiwa issued a research report, reiterating thatDali Foods Group (03799)The "buy" rating raised the target price to HK $6 from HK $5.90, raising its 2021-23 earnings forecast by 2 per cent and earnings per share by 4 per cent to 6 per cent. The company's first-half net profit rose 7% from a year earlier, higher than the bank's expected decline of 1%, mainly due to an 11% year-on-year increase in revenue during the period, including better-than-expected performance in the food and beverage business. As of 14:17, it was up 7.64% to quote HK $4.79, with a turnover of 23.3197 million.

The bank pointed out that soy milk brand DBD and bread with a short shelf life made a significant contribution to improving channel penetration, driving food revenue up 31 per cent year-on-year, while the gross profit margin of the food business fell to 44.5 per cent, making it less profitable than the beverage business. The bank pointed out that the adjustment of the beverage product portfolio led to a slight improvement in gross profit margin to 50%. Snack revenue was flat, with gross profit margin falling 1.9 percentage points year-on-year to 35.3% due to higher input costs. Through channel adjustment, the company raised the effective average price of energy drinks and snacks by 5% to 6% in the first half of the year, boosting gross margins of the company and distributors and driving sales growth.

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