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花旗升青啤(0168.HK)目标价至54.2港元评级“中性”
格隆汇 08-20 13:34
花旗发表报告指,青啤(0168.HK) 今年第二季核心净利润(撇除一次性减值亏损)按年升29%,高于该行预期,相信主因受较佳毛利率所带动。报告称,虽然对中国啤酒前景看法正面,但关注华润啤酒(0291.HK) 收购喜力中国后对青啤之高端啤酒业务带来的竞争压力。
报告又称,青啤股价面对两大负面因素,包括市传复星国际(0656.HK)减持股权,以及7月销量疲弱等,因此维持其“ 中性 ”评级,在啤酒行业中继续偏好润啤。不过,该行上调青啤2019至2021年盈利预测5%至7%,目标价亦由43.52港元升至54.2港元,相当于其2020年预测企业价值对EBITDA比率14倍,较全球同业有20%溢价。
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