《大行報告》摩通下調百威亞太(01876.HK)目標價26元 評級「增持」
摩根大通發表研究報告,預測百威亞太(01876.HK)上半年銷售額將按年下跌1.1%,EBITDA按年跌4.8%,表現較其他香港上市的啤酒股弱,當中預期第二季業務按季轉差。
該行解釋,5月起南韓重新開放,帶動當地業務表現強勁,但同時當地廠商Hite增加營銷投資,令當地市場夏季競爭加劇,估計次季銷售額及EBITDA按年增長14%及41%,仍低於2019年同期表現。中國業務方面,第二季中國大部分主要城市都受到封城政策的影響,次季銷售料按年跌7%,EBITDA料跌24%;但相信下半年逐步解禁後市況將有所恢復。
摩通預測,百威亞太全年銷售表現將將持平,較大多數同行遜色,但為2023年的增長提供較低基數,維持「增持」評級。摩通並將今明兩年經調整後每股盈利由每股0.08及0.1美元,下調至0.07及0.09美元,目標價由30元降至26元,對應遠期企業價值對EBITDA比率約15倍。
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