里昂百威亚太(1876.HK)叫停上市对行业维持审慎态度
里昂发表的研究报告指,百威亚太(01876.HK)于周五(12日)晚上公布叫停今年最大的上市计划,而在公告中其母公司将事件归咎于包括市况在内等因素,该行亦相信投资者除对其估值有考虑外,亦对啤酒行业较审慎。据新闻报道,公司叫停上市或是因为需求疲弱,该行料公司或会再次申请在港上市,或在其他交易所上市,但相信将需要重新提交已更新的财务资讯。
该行认为现时的天气对中国今年夏天的啤酒消费不利,特别是南部地区降雨较多加上天气较凉,而从啤酒生产数据来看,首季相关增长达3%,惟4月及5月连续两月均呈跌势,该行的渠道调查亦显示6月数据疲弱。里昂的调查亦发现,一部分的夜店及卡拉OK受当地监管影响,已被取缔或缩短营运时间,相关因素将无可避免影响到啤酒行业,特别是高端品牌如百威等。
该行指出,考虑到今年次季的天气及宏观环境,对不同啤酒品牌销售放慢不感意外,将华润啤酒(00291.HK)2019-21年销售预测升6%-9%,今年核心EBITDA预测升6%,重申“跑输大市”评级,目标价34港元,另外亦将青岛啤酒(00168.HK)2019-21年净利预测下调1%,重申“沽售”评级,目标价维持42港元。
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