《大行報告》美銀證券下調華潤啤酒(00291.HK)目標價至72元 評級「買入」
美銀證券發表報告指,華潤啤酒(00291.HK)上半年業績基本符合預期,該行分別下調今明兩年核心每股盈利預測2%和1%,以反映對調整平均售價和白酒業務預期,目標價下調4%至72元。
報告指,該股自第二季以來,股價下跌27%,跑輸同期恆指,該行認為回調後是帶來具吸引力的機會,原因包括高端化和有利的供應方將為未來盈利帶來保護。而目前市場對該股今年預測已經考慮到夏季疲軟因素。另外,雖然白酒行業疲軟,但上半年白酒業務並未攤薄每股盈利,而且帶來的協同效應亦存在長期機會。
美銀證券指,目前該股每股盈利年複合增長率約為20%,潤啤明年市盈率預測為21倍,低於5年平均值36倍,但領先於20倍左右的消費類同行。重申「買入」評級。
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