大行評級|招銀國際:下調華潤啤酒目標價至63.2港元 維持“買入”評級
招銀國際發表報吿指,華潤啤酒上半年收入及純利均差過預期,主因受不利的宏觀經濟及天氣因素,加上高基數影響,主流啤酒的銷量下跌。報吿又指,管理層料全年啤酒總銷量將錄低單位數下跌,但在毛利擴張及經營支出控制支持下,利潤增長正面;即使面對整體消費降級趨勢下,公司啤酒高檔化仍會繼續。至於白酒業務整合不如預期,而公司會專注在中至低檔產品,並維持其雙品牌策略。該行維持公司“買入”評級,目標價由69.8港元降至63.2港元。
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