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大和:首予百威亞太(1876.HK)“跑贏大市”評級 目標價34港元
格隆匯 11-19 11:19
大和發表的研究報告指,百威亞太(1876.HK) 以市佔率計算是去年亞洲最大的啤酒商,而其母公司百威則是全球最大,該行認為公司在擴張高端營運、加強定價能力及獲取市場份額上均有經驗,另外亦能推動EBITDA利潤率擴張、成本管控等,相信公司有很好的環境、社會及企業管治標準,首予“ 跑贏大市 ”評級,目標價34港元。
該行指出部分市場例如中國在高端啤酒滲透率較低,認為在平均銷售單價及EBITDA利潤率上亦有擴張空間,認為行業整合有助改善公司的定價能力,預期公司在中國、越南及印度等地的EBITDA利潤率於2019-2021年有望擴張5個百分點。而在日韓市場方面,該行認為當地可為百威亞太帶來強勁的自由現金流,主要因為當地規模擴張有限、所需資本開支較少,相信其盈利能力可逐步趕上。
該行認為未來的催化劑包括平均銷售單價持續向上可帶動EBITDA利潤率表現,相信受惠產品組合轉變,2018-2021年公司EBITDA年複合增長可達14%,而該行對其2020-2021年EBITDA預測較市場高8-9%。另外該行亦看好公司在中國及新興市場市場份額將有提升,而自由現金流強勁亦可帶來併購及增加派息的機會。

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