《大行報告》高盛下調潤啤(00291.HK)及青啤(00168.HK)目標價 輕微上調百威亞太(01876.HK)目標價
高盛發表報告指,華潤啤酒(00291.HK)、青島啤酒(00168.HK)及百威亞太(01876.HK)在7月至9月的啤酒銷量下跌至持平,主要因為比較基數高,而重慶啤酒(600132.SH)則有正面增長,主要受惠地區市場旅遊業增長。該行預期第三季內地啤酒商銷量由下跌10%至增長4.5%不等,但平均售價增長2.4%至6%,單位成本下跌0.9%至增加2%,因此持續經營EBIT增長料介乎5%至15%。計及沿岸地區天氣不利影響及市場競爭因素後,估計高端品牌增長4%至10%,而潤啤控制成本得宜,EBIT利潤率料有較大擴張。
該行預期潤啤今年純利增長17.9%,對百威亞太今年盈利預測大致不變,預計青啤今年純利增20.5%,因應盈利及匯率預測改變,將潤啤目標價由73.7元下調至67.1元,青啤目標價由105.1元下調至92.8元,百威亞太目標價由23.8元輕微上調至23.9元,維持三隻股份「買入」評級。潤啤續列入確信買入名單內。
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