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《大行報告》招銀國際下調青啤(00168.HK)目標價至82.1元 維持「買入」評級
招銀國際發表報告指,青島啤酒(00168.HK)第三季營業收入按年跌4.6%,純利則增長4.7%,符合該行預期,並好過市場預期。 該行預期,第三季青啤產品銷售均價表現強勁,按年增長7.5%,增幅高於主要同業,但大部分被期內銷量下降11.2%所抵銷。業績公布後,招銀國際維持對青啤的盈利預測不變,即預期第四季營業收入及淨虧損將分別達到47億及5.17億元人民幣。 招銀國際指出,青啤高端化發展策略仍在持續推進當中,進度與同業華潤啤酒(00291.HK)相若,踏入第四季度,除非近期旗下啤酒三廠醜聞進一步蔓延及打擊投資者情緒,否則相信市場預期及股價都將恢復穩定,維持「買入」評級,目標價由88.9元降至82.1元。
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