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《大行報告》匯豐研究下調百威亞太(01876.HK)目標價至28元 評級「買入」
阿思達克 05-11 10:47
匯豐研究發表報告指百威亞太(01876.HK)首季收入和EBITDA按年跌39%及68%,低於市場預期,因應固定成本開支以及生產規模減少,令經營開支佔比增加。

該行指,公司首季產品的均價按年升5.7%,當中特別是來自高端至超高端品牌帶動。因應其依賴夜場的銷售,這方面復甦較緩慢,以致中國銷售跌47%,跑輸行業,但來自南韓的銷量較高,雖然受疫情影響而令銷量跌20%,均價亦有輕微上升。

該行又指,4月份中國的銷售量跌17%,而公司估算至4月底,零售、餐飲和夜場渠道的銷售已分別有95%、85%及25%重開,而庫存亦已回復至正常水平,加上電商的銷售,相信公司會繼續投資新零售相關,並帶動未來三季的銷售復甦,維持「買入」評級,目標價由32元降至28元。

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