《大行報告》瑞銀上調青啤(00168.HK)目標價至71元 評級「買入」
瑞銀發表報告表示,維持對青島啤酒(00168.HK)的正面看法,因其加快執行產品升級策略、公司管理層的激勵改善,兼且其估值吸引。
該行認為,雖然青島啤酒股價年初至今對比國指跑贏24%,但對比同業仍有19%折讓,而其A股及H股價差亦達歷史高位的50%(歷史平均為6%)。
瑞銀表示,上調青啤H股目標價,由50.05元升至71元,此相當預測2021年企業價值對EBITDA的18倍,維持「買入」評級。該行相信,集團的升級策略於去年加快執行,料可支持其明年開始的產品均價有中至高單位數增長,並使今年至2022年的EBITDA年均複合增長率達20%。
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