研報掘金|華興資本:上調華潤啤酒目標價至44港元 評級“買入”
華興資本發表報吿,引述華潤啤酒管理層指,雖然去年比較基數高、近日華南地區天氣不穩定,但仍維持全年啤酒業務的展望,目標為銷量持平,而平均售價有低至中單位數增長,並重申對於今年毛利率提升有信心,主要因為產品組合改變,銷售及推廣開支比率保持穩定。管理層指,首季天氣不穩定的負面影響,將會被體育活動旺季的推廣所抵銷。該行指其收入增長穩定,維持對其盈利預測不變,因應行業氣氛改善,將今年企業價值與税息折舊及攤銷前利潤(EV/EBITDA)預測目標倍數,由11倍提高至12倍,目標價由39.5港元上調至44港元,評級“買入”。
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