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大行評級|大摩:上調華潤啤酒目標價至34港元 評級“增持”
格隆匯 10-31 11:02

摩根士丹利發表研究報吿指,下調華潤啤酒2024至26年的盈測2%至5%。另外,該行調低集團今年銷售預測3%,以反映啤酒需求冷淡及白酒銷售預測被下調,而2025年和26年的銷售額則料在較低基數下再降6%。由於中高端業務銷售疲弱,該行2024至26年的毛利率假設分別下調0.5、1.1及1.3個百分點,但仍預期利潤擴張。這應該會被預期營運開支減省所部分抵銷。大摩將潤啤目標價由32港元上調至34港元,評級為“增持”。

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