瑞银:降华润啤酒(0291.HK)评级至“中性” 目标价上调至44.5港元
瑞银发表报告指,华润啤酒(00291.HK)股价于过去两年几乎倍升,主要由于资产优化及产品组合升级。该行相信其明年EBITDA增长已反映来自喜力(Heineken)之贡献及成本管控措施。
该行上调今年全年EBITDA预测4%,以反映上半年业绩表现胜预期,尤其下半年因基数较低,料EBITDA按年增长可达40%,同时亦调升今年盈测8%,目标价相应自42.86港元上调至44.5港元。惟现价相当于企业价值(EV/EBITDA)18倍,高于全球同业平均值16倍,目前估值合理,静待进一步催化剂,评级自“买入”下调至“中性”。
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