大行评级｜摩根大通：上调华润啤酒目标价至41港元 维持“增持”评级

Core Viewpoint - Morgan Stanley's report indicates that China Resources Beer experienced a year-on-year sales increase of 0.8% and a profit increase of 23% in the first half of the year, with adjusted EBITDA rising by 11.3%, slightly exceeding market expectations [1] Group 1 - The EBITDA margin for the beer business expanded by 3.4 percentage points [1] - China Resources Beer will continue to focus on premiumization and margin improvement over the next five years [1] - Morgan Stanley raised the target price from HKD 40 to HKD 41 while maintaining an "Overweight" rating [1]