富瑞:予四支中國啤酒股“買入”評級 百威亞太(1876.HK)為首選
富瑞發表報告給予四支中國啤酒股“買入”評級,指百威亞太(1876.HK)為其中首選,其當前的估值水平未能反映其在高端啤酒市場和東南亞地區的增長潛力。
報告指,百威亞太為中國啤酒股的首選,其次為青島啤酒(0168.HK)和華潤啤酒(0291.HK)。華潤啤酒通過市場營銷和渠道,成為領先的高端啤酒製造商,而青島啤酒雖然運營效率較低,但預計改革措施下,該問題三年內會得到解決,報告看好公司H股多於A股。
報告中預期,隨着中國收入水平提高及消費模式改變,高端啤酒的增長將加速,預計啤酒行業將在未來5年實現6.5%的年均複合銷售成長。但中國啤酒市場已經飽和,各家公司需轉向高端啤酒才能增長。

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