南洋行家论股
英美烟草 私烟猖獗拖累财测
目标价：37.70令吉
最新进展：
英美烟草（BAT，4162，主板消费产品股）截至3月杪首季，净利年跌16.1%，报9588万4000令吉；不过，仍建议派每股33仙股息。
营业额也从去年同期的7亿4837万4000令吉，年减14.8%，录得6亿3764万9000令吉。
英美烟草指出，私烟的市占率在首季达到63%，是有史以来最严重的一季。
行家建议：
英美烟草首季股息仅33仙，低于上财年同季的40仙，也低于我们今年的预测，所以我们把全年股息预测，从177仙降到149仙；2019财年股息也从182仙，降到165仙。
首季业绩出炉后，把将2018和2019财年盈利预测，分别下调15.4%和9.1%，因为私烟仍猖獗、销售复苏缓慢、消费者的消费能力仍疲弱，以及合法香烟的低价香烟增长。
我们预计，英美烟草的营运环境会继续挑战，但廉价烟Rothmans迅速增长，料有助于该公司维持市场领导地位。
虽下修净利预测，但维持“买入”评级。
http://www.enanyang.my/news/20180523/英美烟草br-私烟猖獗拖累财测/
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