大行評級|美銀:維持華潤啤酒“買入”評級 預計上半年業績將符合或略優於市場預期
美銀證券發表研究報吿,預計華潤啤酒今年上半年業績將符合,或略優於市場共識預期(税後純利增長7%至8%),收入增長約1%(啤酒增長超過2%;白酒下降兩位數);營業利潤率擴張超過1.5%(受益於毛利率上升及銷售及管理費用佔比下降);核心税後純利增長高個位數至10%;税後純利增長10%或以上(包含與華潤置地合作的深圳開發項目帶來的非核心收益)。該行也認為,華潤啤酒董事長侯孝海的離任不太可能對公司營運造成重大影響,並看好該行業的領導地位、穩健的品牌策略及強大的執行能力。美銀也相信行業整合、產品高端化及產能優化將持續推動華潤啤酒多年的利潤率擴張,因其穩健增長及超過4%股息率的估計,維持“買入”評級,並基於未來市盈率與折現現金流各佔50%的加權平均,將目標價定為34.3港元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.