中信證券:予百威亞太(1876.HK)目標價34港元 料受惠中國等市場消費升級
中信證券發表報告表示,百威亞太(01876.HK)為亞太最大啤酒集團,擁有豐富的品牌矩陣、強大的品牌影響力和優勢的渠道、供應鏈管理能力,望成中國、印度及越南啤酒消費升級的最大受益者之一,料可持續穩健較高成長,予其目標價34港元,此相當於2020財年企業價值對EBITDA的22倍。
該行料,百威亞太於2019年至2021年每股盈利預測各為0.08、0.1及0.12美元(摺合0.63、0.77及0.97港元),料純利按年升10.4%、22.6%及26.7%,看好公司在啤酒市場高端化趨勢下的綜合競爭力,有望保持亞洲龍頭地位。
中信證券指,百威亞太銷售超50個品牌,擁有38個地區,超過2.9萬名員工,6,000家分銷商。去年公司實現收入67.4億美元,EBITDA為19.9億美元,主要市場中國及韓國收入分別佔比71%及23%,公司在韓國及中國市佔率分別為60%及16%,分別位居第一及第三位,而高端及超高端市佔率絕對領先。
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