大行评级丨花旗:下调华润啤酒目标价至34.23港元,继续列为行业首选股

格隆汇
Aug 21
花旗发表研报指,华润啤酒上半年啤酒销售同比增长2%,表现继续跑赢百威亚太的中国业务;由于中端及以下产品销售均价下降及铝罐成本上升,润啤的毛利率同比收窄1.2个百分点。由于下半年基数较低,该行预期润啤的全年啤酒销量将同比增长3%,啤酒EBIT利润率同比收窄10个基点。另外,管理层计划将派息比率提升至55%以上,或可支持股价。该行将润啤2026至28年纯利预测分别下调13%、12%及12%,维持“买入”评级,但将目标价由39.8港元下调至34.23港元。该行继续列润啤为行业首选股,其后依次为百威亚太及青岛啤酒。

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