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富瑞:料首季中國啤酒業大幅增長 首選青啤(0168.HK)
格隆匯 04-13 14:49

富瑞發表研究報吿表示,受餐飲和夜生活等渠道進一步復甦帶動,加上去年首季的低基數影響,今年首季中國啤酒業正經歷大幅增長,但現時原材料價格上升為行業的主要壓力,相信相關公司或於暑假高峯期前在全國範圍上調價格,維持青島啤酒(0168.HK)H股為該行業的首選股份,予其目標價96港元及“買入評級,百威亞太(1876.HK)目標價為29港元及“買入”評級。

富瑞表示,預期青啤今年首季銷售及純利分別增長38%和62%,料銷售額受30%銷量上升及中單位數的平均售價上升所帶動,預期與2019年首季比較,今年首季的銷量將有正增長,毛利則預期大致持平。

富瑞續指,料百威亞太今年首季正常化EBITDA為4.89億美元,銷售額上升64.9%至15.8億美元,在亞太地區東部,預期銷售額將會下降0.4%,EBITDA錄7100萬美元,在亞太地區西部,料銷售額上升90.6%,EBITDA達4.18億美元。

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