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《大行報告》摩通下調百威亞太(01876.HK)目標價至31元 評級「增持」
阿思達克 07-30 10:24
摩根大通發表研究報告指,百威亞太(01876.HK)上半年收入內生增長26%,EBITDA按年升53%,較市場預測增長率分別33%及64%爲低,其中與2019年比較,中國及南韓第二季EBITDA分別下跌3%及34%,拖累整體EBITDA表現亦較2019年同期低11%。

該行指出,中國市場次季銷量按年下跌4.5%,下跌主要集中於核心及定價較高的產品,主因去年同期基數高,但仍優於內地整體啤酒業銷量按年跌8%-9%。在產品組合調整下,第二季中國市場銷售均價按年升9.5%。

摩通指,南韓銷情逐步復甦,但防疫措施潛在收緊,料爲百威亞太的業務帶來壓力。該行將公司全年盈利預測削減6%,預期今年銷售額將按年增長18.5%,與2019年比較則升1%;預期今年EBITDA按年升28.5%,較2019年水平低約4%。該行認爲即使面對短期逆風,對公司長遠前景仍抱建設性看法,維持「增持」評級,目標價由34元下調至31元。

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