智通财经APP获悉，大摩发布研究报告称，下调中国旺旺(00151)现财年每股盈利预测4%，下财年及2026财年每股盈利预测降8%，预期乳制品及雪条需求仍然受压，以及成本助力减弱。该行下调对该股目标价4%至4.8港元，新目标价为下财年预测市盈率14倍，已全面反映公司前景，评级“与大市同步”。
报告中称，零食部门受雪条销售疲弱影响，销售连续录得同比下跌，乳制品部门上半财年销售下跌，受行业需求疲软影响。该行对下半财年展望维持审慎，基于农历新年销售或受送礼需求复苏呆滞拖累。
另一方面，公司海外业务强劲增长，上财年及上半财年均录双位数增长。该行认为公司海外业务为长期增长动力，基于广泛产品组合满足本土需求，以及对海外华人的品牌吸引力。但海外业务收入贡献仍小，仅为中至高单位数，短期未对公司业务有显著影响。
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