《大行報告》高盛下調百威亞太(01876.HK)目標價至28.1元 上調青啤(00168.HK)目標價至111元
高盛發表研究報告指出,在夏季旺季之前需求復甦和渠道補貨的支持下,中國啤酒股首季銷量復甦穩健,實現低單位數至10%以上的銷量增長。由於內地夜生活市場仍未完全恢復,相信即飲渠道將持續推動人流復甦。
該行認為,鑑於啤酒商營銷投資水平和成本基礎各有不同,毛利復甦趨勢亦存在差異。該行將青啤(00168.HK)2023至2025財年經營利潤預測上調7%至8%,但對潤啤(00291.HK)盈利預測維持不變,認為兩間公司的產品均價增加及緩解成本壓力皆對毛利率提供額外支持。
不過,該行對百威亞太(01876.HK)2023至2025財年每股盈利預測下調4%至6%,認為公司在去年高基數效應、今年南韓上調消費及競爭情況下,公司今年首季毛利或受壓,惟預期公司將於今年下半年逐步反彈。
該行看好潤啤,納入「確信買入」評級,目標價維持80元。對青啤目標價由107元上調至111元,評級「買入」。對百威亞太目標價由30元降至28.1元,評級「買入」。
高盛對啤酒股投資評級及目標價表列如下:
股份 | 投資評級 | 目標價(港元)
華潤啤酒(00291.HK) | 確信買入 | 80元
百威亞太(01876.HK) | 買入 | 30元 -> 28.1元
青島啤酒股份(00168.HK) | 買入 | 107元 -> 111元
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