《大行報告》瑞銀升華潤啤酒(00291.HK)目標價至51.6元 料今年銷量潛在可錄增長
瑞銀發表報告指,華潤啤酒(00291.HK)管理層對國內啤酒需求反彈有信心,若反彈持續,該行認為今年全年銷量或可有正增長。而管理層亦提到整體銷量已見改善,今年4月及5月錄得按年增長。
該行提到,集團2017年至2019年的持續單位利潤年均複合增長率達22%,受加快高檔化及效率改善推動,預期增長將會加速。
瑞銀上調華潤啤酒股份目標價,由43.02元升至51.6元,評級維持「買入」。該行認為,集團目前估值吸引,相當於明年企業價值倍數(EV/EBITDA)15倍,對比環球同業為15.9倍,而潤啤的EBITDA增長料高於環球同業。
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