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《大行報告》匯豐研究上調潤啤(00291.HK)目標價至67元 評級維持「持有」
阿思達克 01-26 10:00
匯豐研究發表報告,將潤啤(00291.HK)2020年度的核心息稅前利潤(EBIT)預測上調4%,下半年的預測則上調約19%。公司宣布去年度的純利增長預期為50%以上,而該行估計其去年整體銷量下跌3%,但國際品牌的銷量則增長39%。公司將繼續升級其自有品牌,該行估計其啤酒產品的去年平均售價增長1%(之前估計跌4%)。

該行指,公司將繼續採取「4+4」策略,在高端市場擁有4個本地品牌及4個國際品牌,公司將會嘗試以國際品牌打入夜總會,然後推廣其高端本地品牌。鑑於其強大的渠道管理以及渠道結構的預期變化,將2021年的核心EBIT預測提高3%,並將2021年的EBIT利潤率預測提高0.6個百分點至15%。

匯豐研究維持潤啤「持有」投資評級,目標價由原來的50元上調至67元。隨著其新策略實施後,高端國際品牌的收入貢獻估計將從2019年的3%提高至2022年的6%。2020年的純利預測下調3.5%,主要是因為憂慮稅率更高;並將其2021至2022年純利預測分別上調3.5%及7%,主要是基於對其毛利率預期更高。

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