《大行報告》大和升青啤(00168.HK)評級至「跑贏大市」 目標價上調至78元
大和發表研究報告,指青島啤酒(00168.HK)去年純利升19%至22億元人民幣,大致符該行預期。並意味以列帳基準,去年末季淨虧損7.77億元人民幣。本年至今青啤股價回調16%,該行上調其投資評級由「持有」升至「跑贏大市」,考慮其強勁淨現金狀況,目標價由70元升至78元,相當於預測今年企業價值對EBITDA倍數約17倍。
報告料青啤去年單位生產成本按年持平,投入成本減少抵銷產出減少的負面效率影響。不過,該行關注青啤去年核心品牌銷量按年跌4%,及高端產品銷售跌3%。考慮本年至今大麥及包裝成本壓力上升,料其今年EBTIDA利潤率按年維持約12.9%水平。
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