瑞銀:升潤啤(0291.HK)評級至“買入” 目標價上調至45.73港元
瑞銀髮表報告,上調對華潤啤酒(0291.HK)
股份評級,由“
中性
”升至“
買入
”,目標價由44.5港元上調至45.73港元,此按現金流折現率作估值。
該行相信,潤啤近期股價表現跑輸反映投資者對其與喜力結盟的盈利增長預期下降,而集團股份現價相當於明年預測企業價值倍數(EV/EBITDA)12.4倍,與行業相符。由於其增長情況高於同業,2019年至2021年的EBITDA年均複合增長率達21%,對比同業為14%,因此估值有吸引力。
瑞銀表示,視潤啤為中國啤酒高檔化趨勢的最大受惠者,預期集團在今年的分佔盈利會增加,主要推動力為與喜力合作的協同效應提升。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.