《大行报告》瑞银下调润啤(00291.HK)目标价至76.55元 评级「买入」
瑞银发表的研究报告指,华润啤酒(00291.HK)长远上行潜力仍然是内地啤酒股中最高之一,主要受惠其分销能力强,考虑到其2020年业绩,该行将其2021-23年盈利预测平均降13%,但认为其利润上行趋势维持不变,估计2021-23年EBITDA的年复合增长达15%,主要受惠高端产品销量扩张自去年起加快,予「买入」评级,目标价由90元降至76.55元。
据该行的分析,润啤的长远上行潜力仍然是同业中最高,该行认为受惠高端产品贡献增加,公司在内地啤酒行业的盈利份额将提升,未来与百威亚太的距离将拉近。
据瑞银的调查显示,喜力在高收入群组及一线城市的品牌认知及消费频率有改善,不过品牌於高端品类的地位面对较大挑战,认为未来需要较多营销投入,同时亦需要更多时间扩展规模。(el/a) ~
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