《大行报告》瑞信升润啤(00291.HK)目标价至40.5元评级「跑赢大市」
瑞信发表研究报告指,对华润啤酒(00291.HK)感正面,因见到其质量增长及利润率扩张正顺利进行。公司已完成收购喜力中国的业务,可进一步加强市场对其在高端市场未来发展的信心。润啤今年销售量已重回增长势头及跑赢同业增长,主因受惠加价的负面影响已消散、内地固定资产投资重拾增长、餐饮销售增长稳固及中高端产品增长加快。
报告指,润啤具有更全面的产品组合(外国及内地品牌),相信可加强议价能力及在高端市场加快扩大市占率。该行将2019至2020年盈利预测调低3至8%,分别达到28.95亿元人民币、35.79亿元人民币及41.39亿元人民币,反映销售支出增加,以支持新产品发展,并将目标价由39.5元升至40.5元,评级维持「跑赢大市」。
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