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《大行報告》匯豐研究上調潤啤(00291.HK)目標價至67元 評級「持有」
阿思達克 01-28 10:57
匯豐研究發表報告,預期華潤啤酒(00291.HK)去年全年總銷量將下降3%,國際品牌的銷量將增長39%,啤酒產品的平均售價提升約1%,帶動2020年核心EBIT提升,將全年及下半年核心EBIT預測分別提高4%及19%。

報告指出,隨著內地消費復甦,潤啤去年首三季次高端和高端品牌的銷售將按年增長7%,增長速度高於上半年的2.9%。 該行對高稅率感到擔憂,因此將2020年淨利潤預測下調3.5%,但同時在毛利率預期上升的情況下,將2021至2022年淨利潤預測分別上調3.5%和7%。

華潤啤酒表示將繼續升級自有品牌,專注於高端市場發展,目標是在2023至2025年間成為中國高端啤酒市場銷量的第一名。惟該行認為,潤啤的市場份額目標較為進取,指出根據百威亞太(01876.HK)的數據,百威2018年在高端市場的市場份額為約47%,而華潤啤酒及喜力啤酒的市場份額合計為約12%。

潤啤股價自2020年11月初以來累升約41%,該行對其維持「持有」評級,目標價從50元上調至67元。

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