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富瑞:維持百威亞太(1876.HK)“買入”評級 目標價35港元
格隆匯 12-31 15:09

富瑞發表研究報告預計,百威亞太(1876.HK)第四季的銷售額將下降1%,而毛利率亦會受壓,因此將其2019-2021年持續性EBITDA預測下調1-9%,並將該公司的的目標價由38港元下調至35港元,即較昨日(30日)收市價27.35港元,仍有上漲28%的空間,維持“買入”評級,相信其長期增長仍具韌性,百威有望在中國和東南亞的啤酒升級趨勢中領跑。

報告指出,在中國市場,監管機構打擊非法夜店的行動影響啤酒需求;在南韓市場,經濟疲軟和競爭加劇之下,行業需求疲軟導致百威四季度銷量持續下滑,估計第四季度毛利率將會受壓,由於夜店渠道的需求減少,百威加大了在其他渠道的營銷支出,以保住市佔率。

報告又説,隨着競爭加劇,預計百威將更看重銷量佔有率,因此預計明年不再加價,同時公司有意在2020年提高營銷支出以保住市佔率,因此毛利率將面臨更大壓力。

不過,受夜店需求回升、渠道庫存下降等因素推動,富瑞預計,百威亞太明年稍後時間業績增長有望回升。

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