里昂:升青啤(0168.HK)目標價至“跑輸大市” 目標價上調至46.5港元
里昂發表報告指,青啤(00168.HK)今年首九個月銷售及純利分別按年增長5%及23%,單計第三季的銷售按年錄得1.7%下跌,主要由於銷量減少6%,抵銷了產品均價錄得的4.5%增長。至於毛利率則按年擴張1.8個百分點,相信是因增值税下調及產品組合改善。該行上調對青啤的股份評級,由“沽售”升至“跑輸大市”,目標價亦由43港元上調至46.5港元。
里昂認為,青啤在第三季的銷量按年下跌6%,表現遠較行業預期的2.4%平均銷量增長為疲弱。但另一方面,集團的產品組合向好,開支比率亦有良好控制,帶動其核心EBIT按年增長9%。由於第三季的銷售增長低於預期,該行下調青啤今明兩年的銷售預測0.7%至1.6%。不過,因受惠於增值税的情況高於預期、收入税率下降及銷售和行政開支控制良好,該行上調集團今年至2021年盈利預測8%至9%。

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