大摩:首予百威亞太(1876.HK)“增持” 目標價35港元
大摩發表報告指,百威亞太(01876.HK)於同業中最有能力可順應亞洲啤酒市場高端化的趨勢,相信可利用現有的高端市場地位繼續搶佔市場份額,料2018年至2021年內地高端市場總量超過40%,成為增長主要動力。
報告引述研究機構GlobalData數據指,亞太地區的高級啤酒市場的銷量2018年至2023年的年複合增長率將達5%以上,指出百威亞太在中國、南韓,印度和越南等高端啤酒的主要增長市場已建立優勢,相信憑藉多品牌及成本控制等策略,其利潤水平可持續提升,預測今年至2021年毛利率可達53.2%、55.4%及57.5%。
大摩首予百威亞太“增持”評級,目標價35港元,相當於明年預測企業價值倍數(EV/EBITDA)的23倍。

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