《大行报告》高盛降润啤(00291.HK)目标价至72元 去年盈利指引低预期
高盛发表研究报告指,华润啤酒(00291.HK)日前发盈喜,预期2020财年净利润将按年增长不少於50%,意味着期内将录利润为19.7亿至21亿元人民币,低於该行原预期的24亿元人民币,认为预测有落差是由於去年第四季市场增长放缓,去年10月至12月份行业产量下降约11%所致。
该行指出,润啤的减值及遣散费用高於预期,未来投入成本有增加的压力,但公司一直维持着市场份额增长及提升效率,展望今年预计将实现强劲的利润回升。该行解释,润啤加速於次高端业务包括喜力啤酒等品牌的扩张,加上潜在的平均售价调整,以及规模效益扩大等利好因素下,有助抢夺高端细分市场的份额。
考虑到成本压力,高盛将华润啤酒2020年净利润预测下调18%,并将2021至2022年利润预测分别下调6%及5%,但仍预计2021年的EBIT将强劲反弹,预期可按年增长35%,对润啤目标价由75元下降至72元,维持「买入」评级。
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