高盛:將華潤啤酒列入確信買入名單,升青島啤酒H股評級至買入
高盛發表報告指,內地啤酒行業於今年經歷了相對疲弱的一年,受疫情、成本壓力及更廣泛的消費行業向下重評影響,啤酒股股價年初至今下跌了15%。
不過,該行認爲啤酒行業的高端化趨勢仍然穩健,在受疫情影響的過去兩年的年均複合增長率仍有9%至10%。展望未來,高盛相信行業會維持雙位數增長、產品均價繼續上升及毛利率擴張。
高盛將華潤啤酒(0291.HK)列入“確信買入”名單,目標價由82.1港元升至84.5港元;青島啤酒(0168.HK)由“中性”升至“買入”,目標價由84港元升至87港元;至於百威亞太(1876.HK) 評級維持“買入”,目標價由26.1港元降至23.8港元。該行認爲,啤酒股現時市盈率估值低於五年平均水平,對行業看法轉爲更加積極,相信明年上半年會有估值重評。
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