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《大行報告》瑞銀下調青啤(00168.HK)目標價至82.3元 反映其他非營運收入較低
瑞銀維持對青島啤酒(00168.HK)「買入」投資評級,目標價則由83.9元降至82.3元,以反映低於預期的非經營收益。目標價相當於2023年企業價值倍數率(EV/EBITDA)14倍,基於2023年至2025年預測公司EBITDA年複合增長率16%。 該行指出,青島啤酒首三季及第三季扣除非經營收益的淨利潤分別按年升19.1%及7.8%,符合市場預期。基於投資者憂慮公司的高端化策略,毛利率在收入減少下按季擴張為市場帶來正面驚喜。 基於產品組合升級推動的產品均價上升勝預期,該行預期青島啤酒股價在業績後將有正面反應。
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