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大行評級|建銀國際:上調華潤啤酒目標價至34港元 今年銷售展望改善
格隆匯 03-20 14:30
建銀國際發表研究報告指,華潤啤酒去年經調整EBIT升3%,考慮到具挑戰的經營環境下,屬具韌性的表現。該行指,在消費情緒逐漸復甦下,特別是場內消費渠道,預料公司啤酒今年首兩個月的銷量增長單位數。至於今年,該行預期啤酒收入增長爲2.9%,主要受到平均售價改善1.9%以及銷量增長1%影響;原材料成本會保持較低水平,意味毛利率或改善0.6個百分點至43.2%;隨着公司在銷售及行銷方面將採取較保守的態度,料EBIT利潤會擴張1.8個百分點至18.8%。該行上調其對潤啤今年的盈利預測3%,以反映銷售展望改善,毛利率擴張持續,預計股息支付率將提高至60%水平左右。該行將目標價由30.9港元上調至34港元,維持“跑贏大市”評級。
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