消费包装行业
Search documents
大摩重申可口可乐(KO.US)“增持”评级:定价能力更强 OSG领跑同行
Zhi Tong Cai Jing· 2025-06-10 09:03
Core Viewpoint - Morgan Stanley has identified Coca-Cola (KO.US) as a top pick, reiterating its "overweight" rating with a target price of $81, citing strong organic sales growth (OSG) that outperforms peers and expectations [1] Group 1: Organic Sales Growth (OSG) - Coca-Cola's OSG significantly exceeds that of its competitors, maintaining a long-term growth rate around 5%, while peers fluctuate around 3% [1][2] - The company benefits from strong pricing power, historical sales growth, and continuous market share gains in a favorable competitive environment [2] Group 2: Competitive Advantages - Coca-Cola's advantages include robust pricing capabilities, consistent historical sales growth above peers, and effective marketing and execution strategies [2] - The company is experiencing ongoing market share growth, particularly as competitors face challenges in the snack and coffee segments [2] Group 3: Acquisition Impact - The acquisition of the dairy beverage brand "fa!rlife" has contributed positively to Coca-Cola's growth [3] - Investors can purchase Coca-Cola at similar valuation multiples as its peers, but with significantly higher long-term OSG potential [3]