金吾财讯 | 康师傅控股(00322)早盘向好，截至发稿，涨3.1%，报11.3港元，成交额3895.96万港元。建银国际指出，康师傅在去年 7 月对经典面系列出厂价进行了中单位数的上调，同年 10 月又对大号包装面食出厂价作了中单位数上调，这两次价格调整覆盖了公司即食面产品组合的八成。然而，由于竞争对手并未跟进涨价，致使康师傅市场占有率受到压力。该行料广告推广支出比率升0.2个百分点以挽回市占，去年下半年净利润增长17%，销售增长0.4%，意味全年净利润增长16%，跑赢10%至15%增长的指引。建银国际基本维持对该公司去年的盈利预测，但鉴于即食面部门销量增长慢于预期，以及广告推广支出比率上升，将今年盈利预测下调了 6%。该行设定目标市盈率为 14.5 倍，目标价从 11.1 港元上调至 12.2 港元 ，并维持 “跑赢大市” 的评级。此外，该行预计康师傅会维持100%的派息率，按此计算股息率达 6.8 厘，对股价有支撑作用。
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