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《大行報告》麥格理降潤啤(00291.HK)目標價至39元 今明兩年盈測各下調 6%及5%
阿思達克 11-07 10:56
麥格理發表研究報告指,潤啤(00291.HK)管理層認為,有同業發生原料倉受污染事件,影響行業銷量增長,但10月是淡季且去年基數較低,故風險屬於可控,首十個月的銷量或有低單位數增長,而上半年增幅為4.4%。喜力的勢頭仍在繼續,按年增逾40%。管理層認為,全年平均售價可能與高端化推動的增長保持一致。 該行提到,集團並未為白酒業務訂立盈利目標,因為該業務仍專注於品牌重塑。另外,管理層指,每年6億至7億元人民幣的無形資產攤銷將在未來20年持續進行,但預計減損風險較小,因為白酒在2025年後將成為一項利潤率非常高的業務。 該行考慮到集團銷量下降及啤酒業務經營去槓桿化後,將其2023及24年盈利預測分別下調6%及5%,目標價降4%,由40.5元下調至39元,評級為「跑輸大市」。
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