大行評級|大和:下調華潤啤酒目標價至30港元 維持“買入”評級
大和發表研報指,華潤啤酒今年上半年收入及淨利潤基本符合預期。雖然市場疲弱情緒對公司大眾市場產品構成壓力,並於今年下半年持續面臨挑戰。惟該行預期,潤啤產品組合的增強將會持續,大麥成本順風的情況亦將更為明顯。該行亦認為,潤啤現時淨利潤率、經營現金流、股東股東回報率,相對2019年有錄得顯著改善,其股份估值仍被嚴重低估。
另外,基於更為審慎的收入假設及營運去槓桿化,大和將潤啤2024至2026財年的每股盈利預測削減介乎4%至10%,同時將潤啤的目標價由34港元下調至30港元,維持“買入”評級。
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