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《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 評級「買入」
高盛發表報告,上調華潤啤酒(00291.HK)目標價,由73元上調至80元,維持「買入」評級,並列該股入「確信買入名單」。該行亦維持對百威亞太(01876.HK)及青島啤酒(00168.HK)「買入」評級,目標價分別上調至29元及107元,之前為26元及94元。 該行繼續預期啤酒股受惠中國經濟重啟,渠道復甦亦將釋放強勁的高端產品銷量增長,推動毛利率上行,同時遇到成本緩解。縱使該行計入近期內地新冠疫情對去年第四季業績預測的影響,該行視去年第四季為業界低谷,並在今年首季按季改善,第二季受惠低基數。該行亦預期酒價持續上調及產品組合升級,促使該行預期啤酒商產品平均售價將按年升4%至7%。 其中在華潤啤酒方面,該行預期焦點仍為啤酒業務,且在今年及往後於高端化強勁執行,並以盈利能力的焦點。白酒業務短期將集中於業務轉型,長期策略為渠道滲透。該行料潤啤今年加快產品高端化,且產品平均價格上調及有強勁的毛利率擴張。
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