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《大行報告》野村上調潤啤(00291.HK)目標價至64.2元 次季強勁復甦
阿思達克 07-29 09:56
野村發表報告指,中國整體啤酒行業自今年4月開始快速復甦,銷量在經過首季的按年下跌33.8%後,於第二季恢復至按年增長9.9%。該行預期,華潤啤酒(00291.HK)於第二季的銷量增長會較同業為快,料有11%增長,產品均價則估計大致持平。

野村估計,集團今年上半年的銷售將按年下跌6%(首季跌26%),毛利率或按年上升多於一個百分點,主因原材料價格利好,及產能優化使經營效率改善。

該行上調潤啤股份目標價,由46.4元升至64.2元,評級維持「買入」,並上調集團今年至2022年的核心盈利預測7%至22%。野村提到,雖然潤啤近期股價表現跑贏,於7月上升了25%,對比主要同業為僅上升12%,但繼續喜好中國啤酒業,而潤啤仍為該行首選,因集團是行業高檔化的最大受惠者,並是結構改革的龍頭,有助估值進一步重評。

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