【招商证券国际：华润啤酒(00291.HK)不断上升派息比率可助支撑估值 维持“增持”评级】智通财经APP获悉，招商证券国际发布研报称，维持华润啤酒(00291.HK)目标价33.5港元及“增持”评级。凭借其强劲的自由现金流及较低的资本开支需求，集团将中期派息比率提高至26%，并预期2025年派息比率将超50%。由于强健的资产负债表及稳定的利润率，股息将仍是其投资逻辑的核心。在增长乏力的环境下，不断上升的派息比率不仅能提供下行保护，还有助于支撑估值。
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