《大行報告》大和料百威亞太(01876.HK)首季EBITDA按年升225% 重申「跑贏大市」評級
大和發表研究報告指,百威亞太(01876.HK)即將公布首季度業績,預期今年首季收入及EBITDA增長強勁,考慮到去年首季收入按年下跌40%,估計在低基數及銷量提升50%的情況下,今年首季收入將可按年增長約76%。
該行預期,中國當局鼓勵就地過年,在華南及華東地區帶動下,內地市場銷售增加將較整體更強,預測EBITDA按年升幅達225%,與2019年同期水平相若,EBITDA利潤率料達到32%,按年提升14個百分點。
大和又指出,百威亞太管理層透露在疫情下即棄包裝使用量增加,消費者轉變為在家飲用啤酒,長遠有計劃轉用可回收物料,以符合環境、社會及企業管治(ESG)要求。
該行對百威亞太定價能力有信心,預期可保持市場地位,重申「跑贏大市」評級,目標價維持29.2元。
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