Analyst Research Report Snapshot

Title:

華潤創業 (291 HK, HK$27, 減持): 維持「減持」評級

Price:

$58.00

Provider:

KGI Greater China

Date:

15 Nov 2013

Pages:

7

Type:

AcrobatPDF

Companies referenced:

0291.HK

Available for Immediate Download
Summary:

3Q13營運超標主因啤酒,零售續弱 第三季與前九月常業獲利成長36%與7%,優於凱基預估36%與13%,主因高均價與低稅費 上修2013年獲利預估12%但維持2014-2015年財測,主因擔心財務成本與金威短線營運去槓桿 12個月目標價由20.20港元升至22.79港元,主因啤酒市佔與均價走揚帶動業務估值基礎升高,惟特易購合資可能稀釋獲利加上估值已高,我們預估華潤創業的股價將維持區間整理,重申「減持」 我們將公司目標價由20.20港元上修至22.79港元,並將EV/EBITDA目標由8倍升至10倍,主因華潤第三季調價成功加上市佔維持良好。不過在合併金威報表後,我們也同步在模型中納入2014年淨負債37億港元。考量2014/2015年獲利年增28%/25%但2014年市盈率30倍略顯偏高,我們維持「減持」。

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