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《大行报告》瑞银下调百威亚太(01876.HK)目标价至22.36元 评级「沽售」
阿思达克 02-26 09:50
瑞银发表研究报告,指百威亚太(01876.HK)2020财年收入及EBITDA分别为55.88亿美元及15.84亿美元,符合市场预期,但却差过该行预期,即去年第四季的收入及EBITDA分别按年跌1.6%及3.6%。公司宣布2020财年每股派息2.83美仙,派息比率约70%。EBITDA疲软的主要原因是中国的商业投资增加和库存减少,意味市场竞争正加剧。该行维持对公司的负面看法,由於收益增长前景欠佳,因此认为其目前的估值昂贵。

该行提到,在过去三年竞争对手不断加强高端化执行力下,百威亚太去年的表现明显落後同业,并失去其过去的领先地位。另外,公司计划进一步扩大商业投资,以加快今年的高端化表现,或会对公司的盈利能力复苏带来压力,就如去年第四季的情况一样。因此,公司的毛利率复苏速度或会在今年继续慢过同业。

瑞银将百威亚太的目标价由原来的22.74元轻微下调至22.36元,维持「沽售」投资评级。2021至2023年的EBITDA及税後溢利预测分别下调1%及6%。

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