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富瑞:料百威(1876.HK)第二季銷售跌10% 下半年起開始轉正
格隆匯 07-02 13:05

富瑞發表研究報告指,預料百威亞太(1876.HK)今年第二季的銷售將繼續下跌,主要由於集團夜生活渠道的收入減少、南韓市場競爭激烈,以及高基數效應。不過,隨著夜生活渠道開始恢復,該行預料集團銷售將從第三季起轉正。該行予百威亞太目標價30港元,評級為買入。

富瑞表示,預料集團今年第二季銷售將按年下跌10%,EBITDA跌27%,而下半年銷售將恢復增長5.3%,而EBITDA就增長7.1%。該行預計,集團的夜生活渠道銷量佔比20%至25%,而目前該渠道的流量估計較正常水平低50%。同時,考慮到更樂觀的復甦趨勢,該行將集團2020至2021年的盈利預測上調2%至8%。

該行又認為,中國高端啤酒市場短期內的競爭將會加劇,但相信百威將憑藉其在高端品牌、渠道及營運方面的優勢而繼續獲得市場份額。

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