《大行報告》富瑞上調啤酒股目標價 偏好順序為青啤(00168.HK)潤啤(00291.HK)百威亞太(01876.HK)
富瑞發表研究報告指,百威亞太(01876.HK)、青島啤酒(00168.HK)和重慶啤酒(600132.SH)將公布2022財年第四季業績,而華潤啤酒(00291.HK)將在3月或4月公布其下半年業績。該行預計,啤酒股2022年第四季的業績將受到疫情爆發的打擊,其中,12月是銷售率最差的月份。投資者的重點將放在管理層對今年初至今的交易表現及其復甦步伐的評論上。該行的偏好順序為青啤、潤啤、百威亞太,均予「買入」評級。
該行預計百威亞太第四季的經調整EBITDA將下降25%至2.72億美元,銷售額將下降16%至11.9億美元,但調升其目標價13%至31元。該行預期潤啤下半年的經常性淨利潤為4.88億元人民幣,按年增長15%,銷售額增7%至147億元人民幣,上調目標價7%至70.7元。青啤第四季料錄經常性淨虧損6.35億元人民幣,銷售大致持平在34億元人民幣,惟目標價調升9%至105元。重慶啤酒第四季銷售額料跌8%至17.8億元人民幣,銷量降13%,均價升5%,淨利潤降20%至9,800萬元人民幣。該行予重慶啤酒「持有」評級,目標價增15%至117.7元人民幣。
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