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Haitong Int'l: Maintains 'outperform' rating for China Foods, target price of 3.54 HKD.
Haitong International released a research report stating that China Foods (00506) maintains its 'Outperform' rating with a target price of HKD 3.54. Against the backdrop of weak macro consumption and sluggish demand for carbonated products with a high base, the company's sales have been affected to some extent, and market share has declined, leading to certain pressure on revenue. In addition, according to Haitong International's cost weekly report, the raw material costs (PET, sugar, etc.) of the soft drinks sector can be controlled, and it is expected that the company's gross margin will remain basically the same year on year in 2024. Haitong International's main opinions are as follows: the carbonated beverage business is under temporary pressure, and the company's revenue is expected to fall by a high single digit in 24H1. Channel adjustment.
Haitong Int'l: Maintains a rating of "outperform" on China Foods (00506), with a target price of HKD 3.54.
Haitong Int'l said that the company has started a multi-plant linkage production plan since last year, which has saved costs for storage, transportation, plant start-stop and other costs, and the expense ratio will decrease significantly in 2023. This measure will still be conducive to cost savings in 2024, but based on the decline in company revenue, offsetting this part of the improvement, so the overall expense ratio is controllable.
Soochow Securities: The food and beverage sector is in a stage of low-to-medium-speed transformation, and the rebound of the sector is waiting for the clearance of the business performance risk of listed companies or the reversal of demand expectations.
The current valuation of the food and beverage sector is relatively low, primarily due to concerns about future cash flow and profit downgrades. Short-term market pessimism has had an impact on the sector, and the sector's rebound is awaiting clarification of listed company performance risks, or a reversal of demand expectations, the latter depending on proactive fiscal and monetary policies at the macro level or verification of seasonal sales at the middle level.
Zhongtai Securities: Pre-cooked food may become the sub-sector with the greatest growth space in the food industry.
Zhongtai Securities released a research report stating that pre-cooked food has the potential to go through the cycle, comparable to Japan. Looking forward 20-30 years, pre-cooked food may become the largest sub-sector of food growth space.
China Foods Limited Corrects Proxy Form Details
China Foods Appoints New Auditor
China Foods (HKG:506) said Baker Tilly Hong Kong will be the company's new auditors after the retirement of PricewaterhouseCoopers, according to a Tuesday filing on the Hong Kong bourse. They will rem
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