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《大行報告》美銀證券下調華潤啤酒(00291.HK)目標價至65元 評級「買入」
美銀證券發表研究報告指,華潤啤酒(00291.HK)目前缺乏短期催化劑,同時對公司的啤酒產品高端化發展及白酒產品銷售前景有疑慮,因此將今明兩年每股核心盈利預測下調5%及7%,並將每股核心盈利複合年均增長率預測從20%下調至15%,並將目標價從72元下調至65元。 不過美銀強調,潤啤仍然是中國少數未來三年每股盈利複合年均增長率可達雙位數的消費品牌,認為風險回報處於合理水平,預期雖然內地宏觀經濟疲軟,可能減慢啤酒高端化的步伐,但不會扭轉高端化發展方向,相信公司的市場份額、成本及供應鏈優勢可提供更大緩衝,重申「買入」評級。
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