《大行報告》瑞信降百威亞太(01876.HK)評級至「中性」 目標價維持27元
瑞信發表研究報告,指出雖然欣賞百威亞太(01876.HK)的高端產品組合的實力,但預期公司將會在中國的高端市場分額上受壓,這是因為來自華潤啤酒(00291.HK)及青島啤酒(00168.HK)的競爭,因此其在低基數下,盈利前景仍受限。
該行相信,潤啤在喜力產品組合下推出一系列國際高端品牌,以及青啤憑具有各種包裝尺寸的高端產品提升吸引力,對百威亞太的未來帶來巨大競爭壓力。另外,該行相信公司缺乏10元人民幣價位的強大產品,對其進一步帶來不利。
瑞信又提到,潤啤及青啤在百威亞太的三個中國核心市場中的兩個佔據了重大份額,意味對其帶來潛在威脅。而在中國境外,持續的疫情影響為其復甦帶來不確定性。將公司2020至2022年的盈利預測分別下調6%、9%及5%,以主要反映毛利預測的下降。目標價維持在27元,投資評級由原來的「跑贏大市」調低至「中性」。
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