《大行報告》摩通下調百威亞太(01876.HK)目標價至30元 評級「增持」
摩根大通發表評級報告,指百威亞太(01876.HK)今年首季銷量跌2.7%、收入增1.5%、EBITDA則增7.6%,勝於市場普遍預測EBITDA升4%;該行料集團今年收入及EBITDA升1.5%及2.5%,明年分別加快至升14%及16%。
即使面對短期逆風,該行維持對其長遠建設性展望。料其持續受惠於平臺經營,具逾50個強勁品牌的高質素品牌組合;可調撥資源由成熟市場轉至增長市場;可從成熟生命週期演化中學習;可在多國分享產品創新經驗;以及利用全球最佳經營模式作槓桿。
報告降百威亞太2022至2024年EBITDA預測3%至7%,反映內地市場銷售增長放慢及毛利率預測下調;以及南韓市場銷售增長加快及毛利率上升預測。以預測企業價值對EBITDA約18倍爲估值基礎,將其目標價由31.8元下調至30元,維持「增持」評級。
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