花旗:首予百威亞太(1876.HK)“買入”評級 目標價33港元
花旗發表的研究報告指,百威亞太(1876.HK)
以零售銷售規模計是亞洲最大的啤酒公司,而亞太區亦是啤酒消費最大的地區,同時亦是2018年增長速度最快的地域。百威作為亞洲盈利能力最高的啤酒公司之一,在主要市場的高端及超高端啤酒領域中均有一席位,相信百威的平台可提供獨特且分散的投資機會,加上公司在中國、印度及越南等啤酒發展未完全成熟的市場中亦有高增長機遇,而在成熟市場上百威表現亦穩定,首予
“買入”
評級,目標價33港元。
該行認為百威的品牌包括國際知名品牌,同時亦有多國的本地品牌,認為公司品牌組合較仔細,加上有獨特的銷售團隊等,有助公司保持在亞太區高端及超高端市場中的領導地位。公司擁有由數據主導的商業模式,成功助公司在不同市場中捕捉高端化的機遇。
該行估計公司2019-2021年EBITDA將分別增長8%、13%及13%,而核心淨利則料分別擴張5%、21%及18%,相信其利潤及收入水平在2020-2021年將有改善。
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