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《大行報告》高盛降百威亞太(01876.HK)目標價至25.6元 維持「買入」
阿思達克 10-05 15:34
高盛發表報告,修訂了對百威亞太(01876.HK)銷售預測,以反映第三季疫情帶來的影響,該行將2021年至2023年每股盈測下調4%至5%,以反映中國業務疲軟和韓國市場盈利能力提高,並預計今年第三季集團自然收入增長和正常化EBITDA均倒退6%,重點關注其高端市場發展趨勢和年底前加價機會。目標價由27.6元下調至25.6元,維持「買入」評級。 高盛預計,百威亞太第三季亞太西部地區的銷售倒退7%,正常化EBITDA倒退8%,以反映亞太西部地區銷量跌10%的預測。該行解釋指,公司7月和8月中國業務的整體表現與市場一致,但預計公司9月中國業務表現將低於市場,因受疫情影響的地區的風險較大,特別是福建和黑龍江均是其擁有較高市場份額的兩個省份。 高盛指,高端化仍然是百威亞太中國業務的主要增長動力,超高端和高端品牌表現可能會繼續超過大眾端。而得益於持續的結構升級,預計平均銷售價格將增長3%。
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