Why Beverage Stocks Should Outperform Food Makers -- Barrons.com
Why Beverage Stocks Should Outperform Food Makers -- Barrons.com
DJ Why Beverage Stocks Should Outperform Food Makers -- Barrons.com
DJ為什麼飲料類股的表現應該優於食品類股--Barrons.com
By David Marino-Nachison
大衞·馬裏諾-納奇森(David Marino-Nachison)
Buy drinks, not food.
買飲料，而不是食物。
That's the thinking at Guggenheim, which on Tuesday said beverage companies are better positioned to protect and grow their brands right now.
這就是古根海姆的想法，該公司週二表示，飲料公司現在更有能力保護和發展自己的品牌。
"We expect beverages to continue to outperform food, driven by better fundamentals reflected in stronger organic sales and earnings per share growth over the next few years," wrote analyst Laurent Grandet. "We attribute beverages' advantage to stronger brands that yield better pricing power, broader global presence [that] helps drive higher organic growth rates, and [a] more diversified customer base that mitigates risks from disrupted retailers."
分析師Laurent Grandet寫道：“我們預計飲料的表現將繼續好於食品，受未來幾年更強勁的有機銷售和每股收益增長所反映的基本面改善的推動.”我們將飲料的優勢歸因於更強大的品牌，這些品牌產生了更好的定價權，更廣泛的全球影響力[那]有助於推動更高的有機增長率，[a]更多元化的客户羣，降低了來自被擾亂的零售商的風險。
Guggenheim has Buy ratings on four drink makers: Coca-Cola (KO), Boston Beer (SAM), Monster Beverage (MNST), and Anheuser-Busch InBev (BUD). Barron's recently took a long look at the outlook for Monster, and yesterday examined an analyst's upgrade for Anheuser-Busch.
古根海姆對四家飲料製造商進行了買入評級：可口可樂(Coca-Cola)、波士頓啤酒(Boston Beer)、怪物飲料(Monster Beverage)和百威英博(Anheuser-Busch InBev)。Barron‘s最近對Monster的前景進行了長時間的審視，昨天還檢查了一位分析師對安海斯-布希(Anheuser-Busch)的評級上調。
Guggenheim also rates two food companies -- General Mills (GIS) and Mondelez International (MDLZ), both of which it started coverage of on Tuesday -- a Buy.
古根海姆還將兩家食品公司--通用磨坊(General Mills)和億滋國際(Mondelez International)--評級為買入。古根海姆週二開始對這兩家公司進行報道。
Broader market weakness have both food and beverage stocks trading at double-digit discounts to their projected earnings over the next 12 months, according to Guggenheim. Food stocks are at a deeper discount, but Grandet sees drink stocks posting wider profit margins -- and widening that lead slightly -- this year.
根據古根海姆的説法，更廣泛的市場疲軟導致食品和飲料類股的交易價格都比未來12個月的預期收益有兩位數的折扣。食品類股的折價幅度更大，但Grandet預計飲料類股今年的利潤率更高，領先優勢略有擴大。
Drink companies also feel less pressure from the move toward private-label brands at some retailers, according to Grandet, in part because of the importance of convenience stores to their revenue. (An exception, he noted: bottled water.)
Grandet表示，一些零售商轉向自有品牌，飲料公司也感受到了較小的壓力，部分原因是便利店對其收入的重要性。(他指出，瓶裝水是個例外。)
And he generally prefers nonalcoholic beverage companies to alcoholic ones, though his Buy rating on Boston Beer is a standout among sell-side analysts: His is the only one, according to FactSet, and his $306 price target is the highest out there.
與酒精飲料公司相比，他通常更喜歡非酒精飲料公司，儘管他對波士頓啤酒的買入評級是賣方分析師中的佼佼者：根據FactSet的數據，他是唯一一家，他的306美元的目標價是最高的。
Guggenheim has a Sell rating on J.M. Smucker (SJM), which it says is over-reliant on acquisitions to drive growth.
古根海姆對J.M.斯莫克(J.M.Smacker)給予賣出評級，稱該公司過度依賴收購來推動增長。
Email David Marino-Nachison at david.marino-nachison@barrons.com. Follow him at @marinonachison and follow Barron's Next at @barronsnext .
發送電子郵件給David Marino-Nachison，電子郵件：david.marino-nachison@Barrons.com。在@marinonachison關注他，在@barronsnext關注Barron的Next。
(END) Dow Jones Newswires
(完)道瓊通訊社
January 23, 2019 12:16 ET (17:16 GMT)
2019年1月23日美國東部時間12：16(格林尼治標準時間17：16)
Copyright (c) 2019 Dow Jones & Company, Inc.
版權所有(C)2019年道瓊斯公司。
譯文內容由第三人軟體翻譯。