《大行》美銀證券降華潤飲料(02460.HK)目標價至11.8元 上半年業績遜預期
美銀證券發表研究報告指,華潤飲料(02460.HK)上半年收入按年下降18.5%,除稅後淨利潤跌28.5%,遜於該行預期。該行表示,華潤飲料正面對著行業競爭加劇的利淡因素,且考慮到公司在通縮環境下,其渠道改革、去庫存及不利的產品組合變化,將其今明兩年的每股盈測分別下調16%和20%,並將目標價下調11%,由13.3元降至11.8元,但重申「中性」評級。
該行表示,華潤飲料今年上半年的零售市場份額保持穩定,雖然渠道投資導致均價持續下降和營運去槓桿,但7月和8月的包裝水銷量仍錄得正增長,這或標誌著下半年去庫存將會結束。該行又認為,公司將在下半年或之後加強其飲料增長勢頭。另外,該行相信公司正在優化整體成本,以提升中期毛利率。
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