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《大行報告》瑞銀升潤啤(00291.HK)目標價至42.86元仍視為行業首選
阿思達克 07-08 10:42

瑞銀發表研究報告維持對潤啤(00291.HK)「買入」評級,看好其收購喜力中國和產能優化後,產品組合加速提升,維持公司行業首選地位,相信目前股價仍未反映其盈利能力改善,相信上半年銷量穩定和均價上升,目標價由36.14元升至42.86元。

該行指,因應百威亞太(01876.HK)的招股,相信投資者將放眼啤酒行業。因應潤啤於去年銷售放緩引發投資者憂慮,但相信公司在繼續投資核心和高端品牌後,可在2022-23年在國內銷售和盈利佔比可達70%及90%。而百威亞太受惠產品組合,在2014-18年的中國業務EBITDA年複合增長率超過20%,估計其低端產品銷售貢獻下跌,致整體銷量持平。

該行又指,相信兩公司的盈利能力分別在於其高端品牌銷量,因潤啤目前的高端產品銷量只有百威亞太的25%,但潤啤在中價位產品定位和升級能力較強,相信可以帶動利潤增長。而公司亦計劃將喜力旗下更多品牌帶到中國,相信明年下半年可完成體現協同效應。

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