《大行报告》瑞银升润啤(00291.HK)目标价至42.86元仍视为行业首选
瑞银发表研究报告维持对润啤(00291.HK)「买入」评级,看好其收购喜力中国和产能优化後,产品组合加速提升,维持公司行业首选地位,相信目前股价仍未反映其盈利能力改善,相信上半年销量稳定和均价上升,目标价由36.14元升至42.86元。
该行指,因应百威亚太(01876.HK)的招股,相信投资者将放眼啤酒行业。因应润啤於去年销售放缓引发投资者忧虑,但相信公司在继续投资核心和高端品牌後,可在2022-23年在国内销售和盈利占比可达70%及90%。而百威亚太受惠产品组合,在2014-18年的中国业务EBITDA年复合增长率超过20%,估计其低端产品销售贡献下跌,致整体销量持平。
该行又指,相信两公司的盈利能力分别在於其高端品牌销量,因润啤目前的高端产品销量只有百威亚太的25%,但润啤在中价位产品定位和升级能力较强,相信可以带动利润增长。而公司亦计划将喜力旗下更多品牌带到中国,相信明年下半年可完成体现协同效应。
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