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《大行报告》大和升青啤(00168.HK)评级至「跑赢大市」 目标价上调至78元
阿思达克 03-30 11:35
大和发表研究报告,指青岛啤酒(00168.HK)去年纯利升19%至22亿元人民币,大致符该行预期。并意味以列帐基准,去年末季净亏损7.77亿元人民币。本年至今青啤股价回调16%,该行上调其投资评级由「持有」升至「跑赢大市」,考虑其强劲净现金状况,目标价由70元升至78元,相当於预测今年企业价值对EBITDA倍数约17倍。

报告料青啤去年单位生产成本按年持平,投入成本减少抵销产出减少的负面效率影响。不过,该行关注青啤去年核心品牌销量按年跌4%,及高端产品销售跌3%。考虑本年至今大麦及包装成本压力上升,料其今年EBTIDA利润率按年维持约12.9%水平。

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