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《大行報告》摩通升潤啤(00291.HK)目標價至83元 評級「增持」
阿思達克 08-18 09:43
摩根大通發表報告,指華潤啤酒(00291.HK)2022年上半年業績好過預期,在將潤啤2022至2024年稅息折舊及攤銷前盈利(EBITDA)預測上調2%至5%後,預測潤啤銷售和經調整EBITDA將在2022年分別按年增長9%和22%,2022至2024年的複合年增長率分別為9%和20%,目標價由80元升至83元,評級「增持」。 摩通表示,潤啤仍是該行在內地消費領域的首選,認為其高端化趨勢依然堅挺。 該行又指,鋁罐成本通脹正在緩和,2022年首季成本按年升37.3%,第二季已放緩至13.3%,7至8月成本則按年下降17.2%。本年至今,鋁成本降15%,紙箱和玻璃成本則降23.5%和19%;三類包裝材料成本意外下降,抵銷大麥成本通脹。摩通敏感性分析表明,總包裝材料成本每降低5%,將令導致潤啤的息稅前盈利(EBIT)增長7%。
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