《大行報告》匯豐研究下調青啤(00168.HK)目標價至90元 評級「買入」
匯豐研究發表報告指,青啤(00168.HK)第三季業績符合預期,預計原材料成本壓力將緩解,維持「買入」評級,H股目標價由103元降至90元。該行料青啤在消費市場低迷下仍可維持強勁盈利增長,現時估值吸引。
報告預計,青啤第四季淡季的銷售量將按年持平,而平均售價將按年增長5%,受惠於產品結構改善。同時料包裝材料價格下降將大大緩解成本壓力,因此預計季內毛利率將按年增長1個百分點,明年毛利率將擴大1.5個百分點。今年至後年的收入估計較之前的預測高約1%。
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