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亚马逊云账号( take: Heineken Malaysia shares lifted on strong earnings



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KUALA LUMPUR: Heineken Malaysia Bhd's share price opened 10 sen or 0.45% higher to RM22.20 on Friday on the back of its recent earnings result and bullish expectations for a further sales recovery.After a positive earnings result in the third quarter of the year, analysts say Heineken Malaysia's sales volumes are expected to remain robust as the festive season arrives in the coming quarters."Both on and off-trade sales volume is expected to remain robust on the back of festive celebrations in the coming quarters."Separately, we are still unsure of when on-trade channels with liquor licences (ie clubs & entertainment centres) will be allowed to reopen," said Maybank Investment Bank Research in a Friday note.It said the brewer's 3Q21 core net profit of RM51mil brought its 9M21 core net profit to RM150mil, which was 40% higher year-on-year.Higher-than expected sales in the recent quarter were driven by the allowance of dine-ins in on-trade channels from mid-August 2021 onwards.Maybank IB said this represented 71% of its full-year earnings estimate and 68% of that of consensus, which was better-than-expected as the nine-month period typically accounts for about 65% of full-year estimates in the lead up to a seasonally stronger 4Q.Post-results and factoring in stronger volumes, the brokerage raised its FY21-23 earnings estimates by 7% per annum.It maintained "buy" with a higher discounted cash flow target price of RM26.60.Meanwhile, Kenanga Research also maintained a bullish outlook on Heineken Malaysia due to the easing of lockdown measures.It was also optimistic over other factors including the reopening of borders to tourists, the absence of a much-speculated increase in excise duty and a recently announced price hike in the brewer's products to boost margins."Finally, as the government reaches its targeted vaccination rates, entertainment outlets could be given the green light to operate as usual at pre-pandemic hours, thus potentially being the major driver for higher sales," it said.Kenanga maintained its FY21E core net profit but slashed FY22E core net profit by 10.3% to reflect the impact of the Prosperity Tax, although it added that the pent-up demand of beer sales could partially offset the negative impact.The broker maintained "market perform" but lowered its target price to RM23.60 from RM23.90 previously.


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