【行家论股】英美烟草(BAT,4162,主板消费股) 旅游复苏提振销售
分析:大华继显研究
目标价:16.05令吉
最新进展
英美烟草(BAT,4162,主板消费股)2022财年次季净利年增2.28%,至7324万9000令吉,并派息每股25仙。次季营业额报6亿3745万7000令吉,较去年同期增长6.99%。
首半年计,营业额仍微跌0.29%,至11亿5901万6000令吉;净利报1亿2553万7000令吉,跌6.82%。
英美烟草 BAT
行家建议
英美烟草2022财年次季核心净利7300万令吉,使首半年核心净利达1亿2600万令吉,占我们和市场全年预测的48%和49%,符合预期。
尽管次季销售按季强劲反弹,增长22.2%,主要是首季受到疫情影响。
但随着我国进入地方病阶段、重开国门、放宽限制,旅游业持续复苏将进一步提振销售,预计本财年剩余时间,净利将与次季不相上下。
该公司次季的市占率按季跌0.4个百分点至51.5%,主要是低端市场跌0.2个百分点至34.8%所致,高端市场则持续增长至62.1%,提振赚幅1.5个百分点至26.3%。
由于繁荣税的影响,英美烟草上半年的税率提高到30.4%。
另外,鉴于电子烟市场规模巨大,一旦合法化,我们认为尼古丁电子烟的贡献会很大,保守估计将占公司今明财年产品组合3%和10%,并已纳入盈利预测当中。
我们维持盈利预测、“买入”评级、及16.05令吉目标价。
英美烟草股价走势22/07/22
https://www.enanyang.my/%E8%A1%8C%E5%AE%B6%E8%AE%BA%E8%82%A1/%E3%80%90%E8%A1%8C%E5%AE%B6%E8%AE%BA%E8%82%A1%E8%A7%86%E9%A2%91%E3%80%91%E8%8B%B1%E7%BE%8E%E7%83%9F%E8%8D%89-%E6%97%85%E6%B8%B8%E5%A4%8D%E8%8B%8F%E6%8F%90%E6%8C%AF%E9%94%80%E5%94%AE
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