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《大行報告》美銀證券下調青啤(00168.HK)目標價至90元 評級「買入」
阿思達克 03-30 10:07
美銀證券發表研究報告指,青島啤酒(00168.HK) 2021年業績表現符合早前盈利預告,指出近期股價疲弱是由於疫情影響到主要啤酒消費地區及和大麥及鋁等原材料成本上升的擔憂所致。 該行指,青啤透過對沖措施,已鎖定部分大麥成本,加上積極調整產品組合及推出成本控制措施,以及去年第四季起上調價格,預計成本影響基本可控。 美銀表示,對近期銷量疲軟持謹慎態度,首兩個月青啤銷量增長約9%,對比行業同期增長3.6%,但3月份可能錄得雙位數的下跌。該行指,青啤高端產品價格繼續保持良好增長,繼續看好長遠高端化及利潤率擴張,預期中期每股盈利年複合增長率將達十數個百分點,對青啤維持基本預期,目標價由98元下調至90元,重申「買入」評級。
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