《大行報告》花旗:華潤啤酒(00291.HK)上半年核心淨利潤勝預期 評級「買入」
花旗表示,撇除一次性項目,華潤啤酒(00291.HK)核心淨利潤按年升20%,較該行預期高8%。在非常高的基數上,其上半年核心息稅前利潤按年升17%,收入增長7%,而銷售及行政費用(SG&As)/銷售比率則有所下降。毛利率按年持平於42.3%。考慮到去年下半年的低基數,該行現階段對華潤啤酒今年全年核心淨利潤按年增長13%的預測有上調空間。維持其「買入」評級,目標價67.1元。
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