《大行報告》花旗下調百威亞太(01876.HK)目標價至25.9元 指短期缺乏催化劑
花旗發表報告表示,百威亞太(01876.HK)首季EBITDA受累中國市場轉差。其中中國市場銷量跌47%,較青島啤(00168.HK)跌25%為高,而均價只有2%提升,亦較青島啤升5%為低。
該行指,公司其非中國市場佔比為30%,因此盈利復甦較純專注中國市場的公司為慢,雖然公司資產負債表穩健,但相信百威亞太今年首要是經營復甦多於併購。同時短期缺乏催化劑,但仍維持對其長遠的能力看法,繼續維持偏好華潤啤酒(00291.HK)。
花旗表示,百威亞太管理層指自3月中起,中國和韓國的表現一直錄按周復甦,分銷商方面的營運亦開始回復,估算至4月底,家居銷售已回復95%以上,餐廳銷售回復85%以上,夜場則回復25%以上。料4月份中國銷量跌幅收窄至17%,而韓國則見具明顯復甦。
該行稱,下調百威亞太2020至2022年純利預期分別29%、11%及2%,以反映銷售和EBITDA利潤下降,目標價由29.5元降至25.9元,維持「買入」評級。
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