富瑞:百威亞太(1876.HK)地區東部業務持續復甦,評級“買入”
格隆匯4月7日丨富瑞發研報指,預期今年首季百威亞太(1876.HK)正常化EBITDA為5.61億美元,按年增長6%,EBITDA利潤率增長2個百分點至34.5%,銷售額按年持平,由於疫情爆發等影響,料其亞太地區西部的銷量將下降,但認為價格上漲及高端化將有助於平均售價,維持目標價29.2港元及“買入”評級。
該行表示,對於亞太地區西部(主要是中國),預計集團LCY銷售額按年下降2%,銷量下降5%,平均售價上升3%。對於亞太地區東部(主要是韓國),預計集團LCY銷售額按年增長8%,銷量增長6%,平均售價增長2%。該行提及,原材料價格上漲也會影響亞太地區東部的毛利率,儘管影響不如亞太地區西部那麼大,因為東部地區的平均售價高於西部地區,下調今年純利預測1%,分別上調2023及24年純利預測2%及1%。

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