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大行評級|麥格理:上調華潤啤酒目標價至35港元 評級上調至“跑贏大市”
格隆匯 08-01 13:44

麥格理髮表研報指,由於不利的天氣情況及Super X的包裝變化,預計華潤啤酒的銷量將下跌3%。該行亦預期,潤啤今年上半年的啤酒銷量將下跌2%,平均售價增長1%;白酒銷量增長20%。鑑於低基數效應,麥格理認為潤啤今年下半年的銷售增長或會轉正。該行預期,潤啤今年上半年毛利率將按年增長0.6%;核心營業利潤上半年將按年增長2.3%,至於下半年更可能加速至按年增長11.9%。

另外,考慮到啤酒銷量疲弱的因素,麥格理將潤啤2024至2026財年的淨利潤預測,分別下調8.2%、4.8%、4.9%。另外,潤啤年內計劃在啤酒和白酒板塊投入約30億至40億元的資本開支,並可能在未來數年逐步將派息率提高至70%,意味未來三年的平均現金收益率為5%。麥格理將潤啤目標價由33港元上調至35港元,評級亦由“中性”上調至“跑贏大市”。

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