《大行報告》大和料百威亞太(01876.HK)上季EBITDA錄正增長 評級「買入」
大和發表研究報告指,在其覆蓋啤酒公司中,預計只有百威亞太(01876.HK)可在2021年第四季錄得EBITDA正增長,主要由於中國及南韓市場銷量基數較低,及受疫情影響風險較同行低。
該行指,去年第四季百威在中國華南及華東的高端啤酒核心市場受防疫限制的影響較同行少,期內家庭消費水平上升將帶動公司第四季收入按年進一步改善;南韓則預期銷量會繼續增長,同時家庭消費增加亦令產品平均價格可提升。計及匯率影響,該行預測公司第四季收入僅按年跌2%,EBITDA將增長6%,另分別上調其2021年度收入及每股盈利預測5%及6%,以反映銷量改善及價格上漲。
大和預計,百威亞太在高端及次高端細分市場業將帶來更高收入貢獻,有助平衡營運槓桿,重申「買入」評級,但預計2022年成本壓力仍將高企,維持其目標價為25.6元。
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