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《大行報告》瑞銀下調百威亞太(01876.HK)目標價至22.36元 評級「沽售」
阿思達克 02-26 09:50
瑞銀發表研究報告,指百威亞太(01876.HK)2020財年收入及EBITDA分別為55.88億美元及15.84億美元,符合市場預期,但卻差過該行預期,即去年第四季的收入及EBITDA分別按年跌1.6%及3.6%。公司宣布2020財年每股派息2.83美仙,派息比率約70%。EBITDA疲軟的主要原因是中國的商業投資增加和庫存減少,意味市場競爭正加劇。該行維持對公司的負面看法,由於收益增長前景欠佳,因此認為其目前的估值昂貴。

該行提到,在過去三年競爭對手不斷加強高端化執行力下,百威亞太去年的表現明顯落後同業,並失去其過去的領先地位。另外,公司計劃進一步擴大商業投資,以加快今年的高端化表現,或會對公司的盈利能力復甦帶來壓力,就如去年第四季的情況一樣。因此,公司的毛利率復甦速度或會在今年繼續慢過同業。

瑞銀將百威亞太的目標價由原來的22.74元輕微下調至22.36元,維持「沽售」投資評級。2021至2023年的EBITDA及稅後溢利預測分別下調1%及6%。

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