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《大行報告》中金降潤啤(00291.HK)目標價至56元 料白酒領域續有併購
阿思達克 10-26 14:49
中金發表報告,就華潤啤酒(00291.HK)擬收購白酒商貴州金沙酒業55.19%股權,總金額123億元人民幣一事,引述潤啤管理層指,收購金沙後,未來可能成立獨立的事業部,並借助啤酒渠道以及先進的管理理念賦能金沙。該行認為,潤啤以啤酒為錨,正在摸索一條各品類酒種相互協同賦能的道路。 報告稱,潤啤看好白酒未來的發展潛力,未來相關領域的併購可能持續,或將形成一個全國性龍頭+N個區域龍頭的白酒矩陣。白酒滲透率正處快速提升階段,醬酒企業毛利率可達60%以上,公司以具備吸引力的估值擴充白酒矩陣所覆蓋的香型與區域。 中金假設金沙今年盈利與去年持平,則報表端約可向潤啤貢獻盈利約7億元人民幣。由於當前併購業務仍在推進途中,維持今明兩年盈測,目標價因板塊估值中樞下移,下調18.4%至56港元,相當於今明兩年預測市盈率分別36倍及30倍,並維持「跑贏行業」評級。
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