《大行報告》高盛上調潤啤(00291.HK)、百威亞太(01876.HK)及青啤(00168.HK)目標價 利好因素未反映
高盛發表研究報告指出,預期中國釀酒企業第二季將取得穩健業績,並於第三季逐步復甦,主要由於6月份銷量回升、第二季末以來成本下降及穩健的定價能力。另估計中國啤酒行業有進一步的潛在上升空間,因其未來12個月加權平均市盈率預測約為34倍,較過去三年平均37倍為低。
該行認為,隨著更多貿易渠道的正常化,中國重新開放可續成為第三季零售需求逐步復甦的催化劑。數據顯示,4月底止夜生活和餐飲渠道的重新開放率保持在40%及約85%,但至6月底已改善至近80%及100%。
此外,高盛預期百威亞太(01876.HK)、華潤啤酒(00291.HK)、青啤(00168.HK)及重慶啤酒(600132.SH)於6月份可實現低單位數至雙位數的銷量增長,同時將他們的目標價作出上調(見另表),認為利好因素未反映。另對潤啤、青啤及重慶啤酒的2022年每股盈利預測作出上調,指其第二季銷售復甦勝預期,成本亦有所緩解,重申對潤啤「確信買入」及百威亞太「買入」評級。
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