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《大行報告》摩通降潤啤(00291.HK)目標價至55元 業績符預期派息有驚喜
摩根大通發表研究報告指,華潤啤酒(00291.HK)去年盈利按年升18.6%至51.5億元人民幣,大致符合預測;銷售升10.4%至389億元人民幣;全年派息有驚喜,按年升75%,意味著派息率為59%。 該行提到,集團在啤酒市場一直表現良好,當中,喜力啤酒去年銷量按年增60%,而集團的目標是在未來五年內將銷量翻一倍,即複合年增長率為15%。對於白酒市場,集團已於去年主動清理渠路庫存50%,為未來健康發展鋪路,目標是今年銷量增長40%。 摩根大通預計,今年,華潤啤酒的銷售額、EBIT、淨利潤將按年增長6.7%、14.5%、12.5%,其中白酒在銷售額及盈利方面分別貢獻7%和2%。該行維持集團「增持」評級,目標價由65元下調至55元。
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