智通财经APP获悉，摩根士丹利际发布研究报告称，将统一企业中国(00220)评级由“与大市同步”下调至“减持”，目标价由6.6港元降至5.8港元。该行将康师傅控股(00322)目标价由11港元上调至11.5港元，相当于预测今年市盈率16倍，续予“增持”评级。
报告中称，内地方便面类产品价格上升后的竞争趋势及饮料产品的价格竞争可能会在下半年至明年成为焦点。该行预计，康师傅提价将推动其于明年录得相对较好的利润率。该行认为，康师傅目前的估值相对于同行仍具吸引力，而统一企业中国的估值似乎相对较高。
大摩预期，市场目前对瓶装水和无糖茶价格竞争的忧虑对康师傅和统一的销售影响有限，因为上述产品对销售额的贡献并不高。虽然竞争加剧，但该行预计，两间公司仍可在快速增长的无糖茶市场录得增长，又料相同程度的价格竞争不会延伸至其他饮料类别。该行预计到明年，康师傅和统一的饮料收入将分别增长5%和6%。
该行认为，两间公司的毛利率将于今明两年扩张，其中销售杠杆及更佳的产品组合是毛利率扩张的主要动力，而原材料成本效益则会减少。该行预测康师傅和统一于明年利润增长分别为11%和7%。
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