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Author: Tan KW   |   Latest post: Thu, 19 Sep 2019, 9:22 AM

 

星狮集团 糖饮税影响不大

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目标价:34.45令吉
最新进展:

本地与泰国业务交出亮眼成绩,星狮集团(F&N,3689,主板消费股)在截至今年9月的2018财年末季,净利按年剧增3.1倍,报8123万9000令吉或每股22.2仙。

营业额从去年同期的9亿7627万5000令吉,按年提高2.1%,至9亿9664万令吉。 

同时,建议派发每股30.5仙股息。 

行家建议:

全年核心净利达3亿9690万令吉,符合市场预期,也比我们全年预估超过10%。

全年共派息57.5仙,也算符合我们60仙的预估。

我们相信,政府征收每公升40仙的糖饮税,会影响旗下高达40%的产品,售价也将提高3至5%。

然而,这不会严重影响整体的需求,因为目前的售价处于可负担的水平。

此外,集团通过重组省下的成本,有助抵消此不利。

我们暂时维持2019财年的财测,并根据2019财年30倍的估算本益比,维持34.45令吉的目标;考虑到股价从原本较高的水平回调,因而将评级上修至“跟随大市”评级。

http://www.enanyang.my/news/20181109/星狮集团-br-糖饮税影响不大/

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