《大行报告》花旗升华润啤酒(00291.HK)目标价至60.8元 指为内地日常消费业首选股
花旗发表报告表示,重申对华润啤酒(00291.HK)「买入」投资评级,上调对其目标价由46.91元升至60.8元,此相当预测2021年企业价值对EBITDA的20倍,指为内地日常消费行业首选股。
该行料华润啤酒今年上半年核心EBIT及核心盈利按年升2%,对比今年1月至2月EBIT按年跌42%,料润啤今年第二季销量可录低双位数字的增长,表现可优於同业,料其上半年毛利率提升至150个基点,受惠於成本减省、来自高毛利率的喜力业务贡献等,并料润啤於第二季呈强劲复苏。
该行表示,对华润啤酒开启正面催化剂的观察(positive Catalyst Watch),上调对其预测2020年至2022年核心盈利预测各15%、7%及6%,以反映上调对其毛利率测。
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