《大行报告》高盛:百威亚太(01876.HK)去年业绩大致符预期 关注内地业务前景指引
高盛发表的研究报告指,百威亚太(01876.HK)公布去年全年及第四季业绩,表现大致符预期。去年正常化除息税折旧摊销前盈利按年跌23.7%,而该行及市场原先料跌23%,而单计第四季则按年跌3.6%,总计去年全年受有效税率39%影响,正常化溢利为5.57亿美元。
该行指出亚太地区西部方面,尽管因2021年的农历新年来得较迟而导致渠道存货减少,销量仍升0.9%,受惠持续高端化平均销售单价轻微改善,不过由於商业投资较高加上其他经营收入降低,第四季EBITDA跌6.9%,而销售增长亦快过行业。第四季公司高端产品增长高单位数,而超高端产品亦有强劲表现,印度方面第四季因抗疫措施放宽,对盈利的拖累亦有所减少。
在亚太地区东部方面,第四季收入跌7.6%,而销量则跌12%,主要因为渠道组合更有利,平均销售单价有增长,带动EBITDA按年升12%,公司估算2020年市场份额流失220个基点,主要因为渠道组合转变,不过到店渠道市场份额有所提升,带动高端板块增长。
在中国市场方面公司指「原地过年」措施加快沿海业务表现发展,但就为北部及东北城市带来压力,而品牌组合健康及销售趋势等均与公司预期一致。南韩市场方面,2021年2月起部分措施放宽,公司将聚焦强劲的商业化计划以加快复苏。(el/a) ~
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