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摩通:降百威亞太(1876.HK)目標價至32港元 評級“增持”
格隆匯 01-13 13:01
摩根大通發表研究報告,指百威亞太(1876.HK) 去年第四季在中國及韓國的銷售勢頭均從去年第三季有所復甦,但仍較預期為慢。在中國內地方面,去年第四季的表現或是最差,預期隨着需求復甦及低基數效應,2020年的EBITDA料按年增長14%。
至於韓國區方面,由於宏觀經濟、市場競爭及去槓桿化等因素,預期其去年第四季EBITDA表現按年下跌38%。該行對韓國復甦前景的信心低於中國。假設銷售放緩及經營去槓桿化,該行將公司2019至2021年的EBITDA預測下調3至10%。
摩通將公司的目標價由原來的34港元下調至32港元,維持其“ 增持 ”投資評級,對其中長期前景保持樂觀。

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