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高盛:下調華潤啤酒、青島啤酒目標價,評級買入
高盛發表報吿指,內地啤酒商今年首季的經營毛利率表現普遍較預期為佳,主要是受到效率改善及產品均價提升所支持。
近期而言,該行認為穩健的定價能力及經營效率,再加上有紀律的市場投資,在今年的不明朗中可為行業提供支持,相信投資者的憂慮已大致反映於估值中,現時中資啤酒股今年預測市盈率平均為29倍,低於過去三年平均的38倍。
高盛維持對華潤啤酒(0291.HK)及青島啤酒(0168.HK)股份“買入”評級,不過目標價分別由69港元及77港元,下調至67港元及73港元;至於百威亞太(1876.HK)評級同樣維持“買入”,目標價26港元不變。
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