《大行報告》瑞信調整啤酒股目標價 首選潤啤(00291.HK)
瑞信發表報告,預計在店內消費帶動下啤酒需求復甦,相對有利的天氣條件、主要公司品牌產品合改善,將推動該行所覆蓋的啤酒股收入和盈利增長在2022年分別按年增長1%-9%和4-21%。
該行調整啤酒股目標價,首選潤啤(00291.HK),其後依次爲青島啤酒(00168.HK)H股和百威亞太(01876.HK),該行看好青島啤酒的強勁銷售復甦,良好的高端化勢頭和強大的品牌資產,將青島啤酒A股評級從「中性」上調至「跑贏大市」。目標價和評級詳見另表。
瑞信認爲,儘管高端市場的競爭日益激烈,百威亞太仍是亞太地區行業組合升級的主要受益者。該行表示,由於一些原材料成本已在上半年下降,認爲毛利率壓力從下半年或明年開始有所緩解。
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