《大行報告》瑞銀下調潤啤(00291.HK)目標價至66.05元 評級「買入」
瑞銀發表報告預計,今年開始內地啤酒高端化進程將加快,主要受惠於啤酒性價比高於其他類型的酒精飲料,以及龍頭啤酒廠更加多樣化的品牌組合。
鑒於內地啤酒品牌今年以來股價跑輸大市12%,瑞銀認為投資者可能低估啤酒組合升級和成本緊縮帶來的盈利上升空間。該行認為,隨著消費者對新體驗和差異化產品的追求,產品組合的執行力是啤酒企業的關鍵差異化因素。
該行首選順序是青島啤酒(00168.HK)、百威亞太(01876.HK)和潤啤(00291.HK)。由於下調對潤啤白酒業務的長期盈利增長預期,將華潤啤酒目標價由73元降至66.05元,維持「買入」評級。
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