瑞銀:降華潤啤酒(0291.HK)評級至“中性” 目標價上調至44.5港元
瑞銀髮表報告指,華潤啤酒(00291.HK)股價於過去兩年幾乎倍升,主要由於資產優化及產品組合升級。該行相信其明年EBITDA增長已反映來自喜力(Heineken)之貢獻及成本管控措施。
該行上調今年全年EBITDA預測4%,以反映上半年業績表現勝預期,尤其下半年因基數較低,料EBITDA按年增長可達40%,同時亦調升今年盈測8%,目標價相應自42.86港元上調至44.5港元。惟現價相當於企業價值(EV/EBITDA)18倍,高於全球同業平均值16倍,目前估值合理,靜待進一步催化劑,評級自“買入”下調至“中性”。
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