花旗:下调百威亚太(1876.HK)目标价至25.9港元 指短期缺乏催化剂
花旗发表报告表示,百威亚太(1876.HK)首季EBITDA受累中国市场转差。其中中国市场销量跌47%,较青岛啤(0168.HK)跌25%为高,而均价只有2%提升,亦较青岛啤升5%为低。
该行指,公司其非中国市场佔比为30%,因此盈利复苏较纯专注中国市场的公司为慢,虽然公司资产负债表稳健,但相信百威亚太今年首要是经营复苏多于并购。同时短期缺乏催化剂,但仍维持对其长远的能力看法,继续维持偏好华润啤酒(0291.HK)。
花旗表示,百威亚太管理层指自3月中起,中国和韩国的表现一直录按周复苏,分销商方面的营运亦开始回复,估算至4月底,家居销售已回复95%以上,餐厅销售回复85%以上,夜场则回复25%以上。料4月份中国销量跌幅收窄至17%,而韩国则见具明显复苏。
该行称,下调百威亚太2020至2022年纯利预期分别29%、11%及2%,以反映销售和EBITDA利润下降,目标价由29.5港元降至25.9港元,维持买入评级。

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