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大行报告 | 汇丰研究上调润啤目标价至67元,评级维持「持有」
阿思达克 01-26 10:00
汇丰研究发表报告,将润啤(00291.HK)2020年度的核心息税前利润(EBIT)预测上调4%,下半年的预测则上调约19%。公司宣布去年度的纯利增长预期为50%以上,而该行估计其去年整体销量下跌3%,但国际品牌的销量则增长39%。公司将继续升级其自有品牌,该行估计其啤酒产品的去年平均售价增长1%(之前估计跌4%)。

该行指,公司将继续采取「4+4」策略,在高端市场拥有4个本地品牌及4个国际品牌,公司将会尝试以国际品牌打入夜总会,然後推广其高端本地品牌。监於其强大的渠道管理以及渠道结构的预期变化,将2021年的核心EBIT预测提高3%,并将2021年的EBIT利润率预测提高0.6个百分点至15%。

汇丰研究维持润啤「持有」投资评级,目标价由原来的50元上调至67元。随着其新策略实施後,高端国际品牌的收入贡献估计将从2019年的3%提高至2022年的6%。2020年的纯利预测下调3.5%,主要是因为忧虑税率更高;并将其2021至2022年纯利预测分别上调3.5%及7%,主要是基於对其毛利率预期更高。

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