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《大行報告》瑞銀下調潤啤(00291.HK)目標價至76.55元 評級「買入」
阿思達克 04-26 09:52
瑞銀發表的研究報告指,華潤啤酒(00291.HK)長遠上行潛力仍然是內地啤酒股中最高之一,主要受惠其分銷能力強,考慮到其2020年業績,該行將其2021-23年盈利預測平均降13%,但認為其利潤上行趨勢維持不變,估計2021-23年EBITDA的年複合增長達15%,主要受惠高端產品銷量擴張自去年起加快,予「買入」評級,目標價由90元降至76.55元。

據該行的分析,潤啤的長遠上行潛力仍然是同業中最高,該行認為受惠高端產品貢獻增加,公司在內地啤酒行業的盈利份額將提升,未來與百威亞太的距離將拉近。

據瑞銀的調查顯示,喜力在高收入群組及一線城市的品牌認知及消費頻率有改善,不過品牌於高端品類的地位面對較大挑戰,認為未來需要較多營銷投入,同時亦需要更多時間擴展規模。(el/a) ~

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