《大行報告》大摩下調潤啤(00291.HK)目標價至42元 評級「增持」
摩根士丹利發表研究報告,指由於受到疫情的影響,華潤啤酒(00291.HK)估計在今年首兩個月的銷售及EBIT分別下跌26%及42%,而整體啤酒業的銷量則錄40%的跌幅。隨著其工廠在3月21日前恢復生產,管理層預料在4月底或5月底前將回復正常的生產水平。目前的庫存水平較去年同期為高,但相信可以用半個月至一個月時間恢復正常。
管理層認為,疫情爆發下在貿易方面的不利因素暫時影響了高端消費,但相信並不會改變行業高端化的趨勢。在未來數月,公司將會基於消費者需求的復甦情況,謹慎地管理品牌的投資步伐。大摩指出,與喜力整合仍是其今年的首要工作。該行引述管理層指,與喜力的整合工作較預期快,最繁重的工作已在2019年完成。在2020年,公司計劃專注於在疫情打擊後恢復,以及升級及合併現有工廠等。
該行將公司2020及2021年的經常性經營利潤預測分別下調12%及9%,以反映疫情的影響。目前價由原來的45元下調至42元,維持「增持」投資評級,預期在良好的執行能力支持下,自下半年起將會恢復高增長。
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 this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.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.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.