大行評級|傑富瑞:維持華潤啤酒“買入”評級及42港元目標價 為啤酒股中首選
傑富瑞發表分析報吿指,喜力對所持華潤啤酒股份減值8.7億歐元或會在潤啤股價回升時回撥。該行認為潤啤預測市盈率為13倍,股息率約4%,屬全球同業估值低端,相信已反映疲弱業務展望及高管報酬不確定性。該行繼續偏好啤酒股,並以潤啤為首選,其餘依次為百威亞太、青島啤酒及重慶啤酒,基於有利的競爭環境,即市佔高度集中及欠缺新加入者,潤啤市盈率為低至中雙位數,以及市場不大可能因潤啤或下調全年業績指引感到意外。該行料潤啤全年淨利潤按年升7.8%,中期銷售及經常性業務淨利潤料分別持平及按年升3%,續予潤啤“買入”評級及42港元目標價。
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