花旗升润啤(0291.HK)目标价至48.4港元维持“买入”评级
花旗发表报告表示,华润啤酒(0291.HK)
上半年核心纯利按年增长21%,增幅高过收入增长(7%)、销量增长(升3%)及行业销量增长(0.8%),反映其高端化的优势及其产能合理化及员工优化计划的初步得益。
该行指,华润啤酒计划于下半年加速喜力与雪花的整合,反映雪花于上半年盈利能力好过预期,喜力增长速度快于预期,以及管理层对公司高端化及盈利增长的信心增强。
花旗表示,润啤及蒙牛(2319.HK)
是中国消费必需品行业首选,决定上调润啤2020年及2021年盈利预测各7%及9%,维持“
买入
”评级,目标价由45.23港元升至48.4港元,此相当预测2020财年企业价值对EBITDA的17倍。
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