《大行報告》高盛輕微下調百威亞太(01876.HK)目標價至25.9元 評級「買入」
高盈發表的研究報告指,百威亞太(01876.HK)首季EBITDA按年跌68%,稍低於該行預期,主要因為公司在夜場及高端渠道覆蓋面較廣,而平均銷售單價提升主要因為品牌組合有所改善,但渠道組合則不利。公司於3月份積極控制生產及渠道庫存,該行估計首季或有產品重置的成本,故拖累了中國市場毛利率表現。
公司的展望反映次季將有穩定復甦,而復甦的步伐在各地區及各渠道都有不同,現時有四分一的夜場渠道已重開,考慮到百威渠道庫存水平健康,料隨著夜場重開及餐廳流量增加,規模增長將重拾升勢。該行忘為公司競爭優勢及基本面不變,加上有較高端的產品組合及渠道執行能力,相信有勝鞏固在高端市場的地位,而4月份銷量跌幅有所收窄,配合成本管控措施於第二季實施,料利潤跌幅亦將較細。
在韓國市場方面,公司指出按季全渠道市佔有所提升,但考慮到競爭加劇及整體需求減弱,料需要兩個季度才能見到穩定的表現。該行指出平均銷售單價的增長並不顥著,意味公司仍要提供較大折扣以搶佔市場份額,但正面來看韓國封城情況有改善,料可帶動餐廳渠道的復甦加快。
該行將公司2020年EBITDA預測降6%以反映首季表現及匯率方面的負面因素,但就將2021-22年EBITDA預測升1-2%,認為年內情況趨穩,加上高端化及渠道擴張可帶動公司表現在2021年反彈,目標價由26元降至25.9元,評級「買入」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.