《大行報告》高盛降百威亞太(01876.HK)目標價至28元 評級維持「買入」
高盛發表的研究報告指,百威亞太(01876.HK)將在10月29日公布第三季業績,該行估計公司銷售及EBITDA將大致按年一平,但相對次季表現將有所轉強,並相信其內地業務受惠店內渠道逐步改善,將呈穩健復甦,但相關利好將被韓國及印度市場業務所抵銷,因為當地受疫情影響仍需採取隔離措施等。
在中國市場方面該行預期銷售及EBITDA將分別按年升7%及10%,並估計受惠高端品類復甦及成本管控措施見效,百威的中國業務踏入第三季將重返正軌。而單計第三季,該行相信公司銷量將扭轉次季的跌勢,並錄正增長,而隨著銷售增長有改善,估計百威中國將有溫和的利潤擴張,另外亦將受惠產品組合轉變及成本管控等。
高盛忘為,雖然中國市場表現跑贏,但韓國及印度勢頭較弱料將拖累表現,在印度方面受隔離措施影響,第三季收入有限,而潛在的經營虧損或會拖累百威亞太區西部的EBITDA增長由8-9%收窄至2%。在韓國業務方面,由於餐廳關門加上當地聚會亦有限制,故疫情持續帶來負面影響,但當地自去年下半年起表現已見放慢,故料EBITDA跌幅將相對較細。
該行將公司2020-22年EBITDA預測降204%,以反映中國以外地區的表現,維持「買入」評級,目標價由29元降至28元。
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