《大行報告》匯豐研究升潤啤(00291.HK)目標價至45.5元 業績優於預期宣派特別息
匯豐環球研究發表研報指,華潤啤酒(00291.HK)去年度收入按年增長10.4%,符合該行預期,核心EBIT增長30%,則較預測高出5%,相信主要來自於期內政府補貼增加所推動。
該行目前預測華潤啤酒2023至2025年核心EBIT年均複合增長率為約16%,今年收入增幅預期達中單位數百分比,主要來自於產品均價提升的推動,今年盈利則預期可錄雙位數升幅。
匯豐環球研究指出,潤啤2023年宣布派發特別息,超出預期,年初至今公司股價累升11%,對比同期恆指累跌約2%,預期投資者蔚公司產品組合改善及白酒業務經營效率提升有信心,目前現價水平為2024年預測市盈率約19倍,認為估值仍然吸引,維持「買入」評級。
匯豐研究大致維持華潤啤酒今明兩年收入及盈利預測不變,目標價由44.2提升至45.5元,當中已計及年內匯率的預期影響。(gc/w)
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