2016-04-01 12:03
英美煙草（BAT,4162,主板消費品組）利空料接踵而來，銷售下滑及盈利走跌風險增恐危及派息，分析員預期該公司將繼續削減成本及勞力資源以捍衛利潤。
達證券近期訪問該公司廠房後，認為營運環境挑戰料局限其盈利成長前景，不排除盈利下滑風險將危及週息率，令該股估值及吸引力不及其他高息消費股。
儘管該公司保證有信心在低資本開銷支撐下維持90%派息率，不過，未來3年盈利料平均萎縮2.1%，令其週息率缺乏吸引力。
該行預測，2016至2018財政年，該公司銷售量將下滑7.7%，因煙草稅調漲令市場展望更加挑戰。
2015財政年，該公司營運開銷按年跌8.7%，高於淨銷售的4.1%跌幅，達證券相信，現有利潤在持續成本管理及更低的生產勞力支撐下維持抗跌。
總結以上因素，達證券繼續給予“賣出”評級及56令吉目標價不變。（ 星洲日報／財經）
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
