《大行報告》摩通:百威亞太(01876.HK)業績符預期 但中韓市場正面臨疫情打擊
摩根大通發表報告表示,百威亞太(01876.HK)公布去年業績,去年自然銷售及正常化EBITDA按年各升1.8%及11%,符合市場預期;該行指百威亞太去年第四季自然銷售及正常化EBITDA按年各下滑8.7%及9.1%(對比2019年第三季各下滑4.7%及升2.9%),優於該行預期,主要是內地業務毛利所推動。
然而,該行關注到新型冠狀病毒疫情對百威亞太旗下中國及南韓市場銷售及盈利構成壓力,會構成新的風險因素。該行予百威亞太「增持」評級及目標價32元。
摩通指,百威亞太指受內地疫情影響,2020年首兩個月中國的收入將自然減少約 2.85億美元(相當於首季銷售23%),EBITDA將自然減少約1.7億美元(相當於首季EBITDA的39%),即百威亞太旗下中國業務營運銷售及EBITDA已落後該行原先預測各7%及12%,整個集團銷售及EBITDA已落後該行原先預測各6%及10%。該行亦指,南韓市場不明朗因素持上升,或對公司今年上半年銷售及盈利構成壓力。
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