《大行報告》高盛:百威亞太(01876.HK)去年業績大致符預期 關注內地業務前景指引
高盛發表的研究報告指,百威亞太(01876.HK)公布去年全年及第四季業績,表現大致符預期。去年正常化除息稅折舊攤銷前盈利按年跌23.7%,而該行及市場原先料跌23%,而單計第四季則按年跌3.6%,總計去年全年受有效稅率39%影響,正常化溢利為5.57億美元。
該行指出亞太地區西部方面,儘管因2021年的農曆新年來得較遲而導致渠道存貨減少,銷量仍升0.9%,受惠持續高端化平均銷售單價輕微改善,不過由於商業投資較高加上其他經營收入降低,第四季EBITDA跌6.9%,而銷售增長亦快過行業。第四季公司高端產品增長高單位數,而超高端產品亦有強勁表現,印度方面第四季因抗疫措施放寬,對盈利的拖累亦有所減少。
在亞太地區東部方面,第四季收入跌7.6%,而銷量則跌12%,主要因為渠道組合更有利,平均銷售單價有增長,帶動EBITDA按年升12%,公司估算2020年市場份額流失220個基點,主要因為渠道組合轉變,不過到店渠道市場份額有所提升,帶動高端板塊增長。
在中國市場方面公司指「原地過年」措施加快沿海業務表現發展,但就為北部及東北城市帶來壓力,而品牌組合健康及銷售趨勢等均與公司預期一致。南韓市場方面,2021年2月起部分措施放寬,公司將聚焦強勁的商業化計劃以加快復甦。(el/a) ~
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