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《大行報告》高盛降潤啤(00291.HK)目標價至72元 去年盈利指引低預期
阿思達克 01-25 13:49
高盛發表研究報告指,華潤啤酒(00291.HK)日前發盈喜,預期2020財年淨利潤將按年增長不少於50%,意味著期內將錄利潤為19.7億至21億元人民幣,低於該行原預期的24億元人民幣,認為預測有落差是由於去年第四季市場增長放緩,去年10月至12月份行業產量下降約11%所致。

該行指出,潤啤的減值及遣散費用高於預期,未來投入成本有增加的壓力,但公司一直維持著市場份額增長及提升效率,展望今年預計將實現強勁的利潤回升。該行解釋,潤啤加速於次高端業務包括喜力啤酒等品牌的擴張,加上潛在的平均售價調整,以及規模效益擴大等利好因素下,有助搶奪高端細分市場的份額。

考慮到成本壓力,高盛將華潤啤酒2020年淨利潤預測下調18%,並將2021至2022年利潤預測分別下調6%及5%,但仍預計2021年的EBIT將強勁反彈,預期可按年增長35%,對潤啤目標價由75元下降至72元,維持「買入」評級。

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