《大行》建銀國際微降潤啤(00291.HK)目標價至33.6元 維持「跑贏大市」
建銀國際研究報告指,國統局數據顯示內地4月啤酒廠產量按年升4.8%,有明顯改善。華潤啤酒(00291.HK)正積極建立新產品,並擴大銷售渠道至送貨上門及會員制超市。基於健康的庫存水平、內地南方地區的炎熱天氣,以及接下來旺季需求增加,該行料集團上半年啤酒銷量將有低單位數增長。由於需求持續疲軟,以及今年上半年的高基數,該行對白酒銷量增長轉趨謹慎,但有信心集團可在今年內實現白酒業務盈虧平衡、甚至有少許盈利。
該行預期集團上半年盈利增長9.3%、收入增2.8%,全年盈利預測下調4%,將目標價由34元微降至33.6元,維持「跑贏大市」評級,又預期集團會將派息比率由目前的52%升至60%,因有穩健的經營現金流。
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