南洋行家论股
子母牌原料价跌赚幅改善
目标价：66.15令吉
最新进展：
子母牌（DLADY，3026，主板消费产品股）截至3月31日首季，净利增7.2%至3423万令吉；营业额扬6.4%，报2亿6611万4000令吉。
当季税前盈利走高10.3%，主要归功于营业额增加，以及原料成本减少。
行家建议：
过去数个季度，子母牌赚幅受压，市场担忧脱水乳脂价格影响该公司。
销售成本比预期低，是个惊喜。我们原本预计，总赚幅中期才会改善，想不到首季已有所改善。。
牛奶原料中，一半是脱脂奶粉，一半是脱水乳脂。脱水乳脂价格持续攀升，相反的，脱脂奶粉价格疲弱。
接下来，看好生产成本会改善，因为即使原产品价格没有调整，令吉走强也是利好因素。
业绩超预期，相信原料价格会更有利，分别上调今明财年盈利预测13.1%及8.1%。维持评级，上修目标价至66.15令吉。
子母牌5年平均本益比与其他大型业者一致。与近期买气火热导致估值过高的大型业者相比，子母牌最诱人。
http://www.enanyang.my/news/20180427/子母牌原料价跌赚幅改善/
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