You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
摩通:下調華潤啤酒(0291.HK)目標價至45港元 評級“增持”
格隆匯 03-17 14:21

摩通發佈報告稱,華潤啤酒(0291.HK)將於3月20日公佈業績,據其盈利預告顯示,2019年度的盈利同比最少增長30%。撇除一次性開支,該行估計其經常性EBIT同比增長24%。

在與分銷商及零售商溝通後,發現大部分啤酒品牌失去了全部於農歷新年期間的銷售。另外,潤啤有超過50%的銷售來自餐廳及夜店,喜力的擴張計劃可能會延後一至兩季。

在該行對公司2020至2021年的盈利預測作出10%至30%的下調後,現時估計公司今年的銷售及EBITDA將分別下跌7.2%及16.4%,並在2021年分別增長17.6%及44.5%,估計來自喜力的銷售貢獻將會在2023年提升至15%(2019年:4%)。該行表示,將潤啤的目標價原來的47港元下調至45港元,予“增持”評級。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account