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《大行報告》摩通上調百威亞太(01876.HK)目標價至34元 評級「增持」
阿思達克 01-26 10:00
摩根大通發表研究報告,指出百威亞太(01876.HK)將於下月25日公布2020年度第四季業績。該行估計其第四財季收入及EBITDA分別下跌3.9%及4.6%,估計其內地高端啤酒銷量錄中至高單位數增長,而超高端的啤酒則錄雙位數增長,但核心及超值啤酒則錄跌幅。

該行預期,政府補貼及處置收益在第四財季錄40%跌幅,抵銷成本減省的優勢。在韓國,由於社交限制水平提升至歷史高位,公司正將重點放在家庭渠道、高毛利率產品及成本節省,這令韓國地區第四財季的銷售雖然錄10.1%下跌,但EBITDA利潤率卻提升2.9個百分點。

該行將百威亞太的目標價由原來的31元上調至34元,若全球零售市場因為更好的疫情控制而出現恢復,相信對公司而言會是獨特而正面的催化劑,維持其「增持」投資評級。

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