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《大行》大摩:潤啤(00291.HK)持續推進高端化策略 微升目標價至35元
阿思達克 08-20 10:08
摩根士丹利發表研究報告指,雖然行業環境較為艱難,但華潤啤酒(00291.HK)啤酒業務EBIT上半年仍錄得14%增長,表現跑贏同業,相信通過高端化策略及加強非即飲渠道滲透,結合持續利潤率改善,盈利增長預料持續。 大摩維持潤啤的「增持」評級,對今年下半年及全年展望保持不變,管理層表明將持續推進高端化策略,通過喜力、雪花等核心品牌及其他高端、次高端品牌持續提升市場份額。因應公司於上半年向合資企業出售土地錄得一次性收益,大摩將2025年淨利潤預測上調10%。2025至2027年經常性盈利預測上調1%至2%,目標價從34元上調至35元。
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