汇丰升润啤(0291.HK)目标价至34港元维持“持有”评级
汇丰发表研究报告称,华润啤酒(0291.HK)上半年核心除息税前利润(EBIT)同比增长24%,优于市场平均预期(20%),而其收入增7%至188亿元人民币,盈利增24%至18.7亿元人民币,均优于该行预期,故上调其目标价13.6%,由29.92港元调升至34港元,维持“持有”评级。

该行表示,润啤与喜力的整合为下半年的关键因素,协同效应仍有待显现。集团计划在下半年完成整合,并进一步建立主要的客户分销模式。喜力主要有4个全球品牌,加上4个润啤的高端品牌,形成一个“4+4”的产品组合。由于润啤的团队和销售渠道缺乏经营高端品牌的经验,整合需时,协同效应待显现。集团续控制成本,预期下半年会关闭4至7间工厂,成本方面仍有更多控制空间。
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