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《大行報告》摩通下調百威亞太(01876.HK)目標價至31元 評級「增持」
阿思達克 10-16 10:54
摩通發表的研究報告,料百威亞太(01876.HK)第三季銷售及經調整EBITDA按年升0.3%及1.5%,自上半年復甦(首季跌40.5%/69.4%;次季跌15.5%/20.8%)。該行預期雖夜場渠道未完全復甦,但中國市場在持續復甦的正軌上,而韓國市場在8月份面對第二波疫情爆發,但情況在10月份亦有改善。總體而言該行估計2020年集團銷售及EBITDA分別按年跌13.3%及22.2%,而2021年料可回復增長,將公司目標價由32元降至31元,評級「增持」。

該行指出公司於國慶黃金周在四個城市進行調查,留意到上海、北京、杭州及長沙表現令人鼓舞,超市貨架半空,而9月份的假期前優惠到10月份亦已移除,渠道庫存亦處於健康水平。

該行認為百威中國第三季銷售增長將跑贏行業,主要受惠強勁的宣傳以及夜場渠道復甦等,而百威韓國業務則有望復甦,因為當地於8月份爆發第二波疫情,政府加強了社交距離措施等,但除首爾之外,有關規例在10月11日起效寬,酒吧及KTV亦可重開。(el/u) ~

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