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Author: Tan KW   |   Latest post: Fri, 22 Feb 2019, 10:54 AM

 

星狮集团 糖饮税冲击80%产品

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目标价:33.30令吉

最新进展

星狮集团(F&N,3689,主板消费股)2018财年的销售表现呆滞,因为大马和泰国的饮食业务表现平淡。

本地业务显示出跌势,出口则因更广泛的市场,取得双位数增长率。

泰国的生产和营运成本会趋缓,不过奖掖到期,接下来税务支出会更高。

行家建议

我们出席了星狮集团2018财年业绩汇报会后,对于该公司的近期前景谨慎。大马市场的需求,尤其在征收糖饮税后会放缓,接下来会更加挑战。

该集团现有80%的产品将受糖饮税冲击,这些产品贡献营业额达40%。即便加快研发新产品,但料不会在明年4月前面市。

基于泰国税务奖掖到期,税务支出更高,我们下修星狮集团2019和2020财年净利预测3.2%和5.6%,因此2财年的股息,也从70仙下调到66仙,及从75仙下调到70仙。

维持“跟随大市”评级;目标价也从34.45令吉,下调到33.30令吉。

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分析:肯纳格投行研究

http://www.enanyang.my/news/20181113/星狮集团-br-糖饮税冲击80产品/

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