《大行報告》美銀證券下調百威亞太(01876.HK)目標價至28元 評級「買入」
美銀證券發表報告指,百威亞太(01876.HK)第二季業績略勝預期,並仍然看好中國啤酒行業的長期結構性增長,繼續認為高端化產品將成為公司的主要驅動力。基於合理的風險回報、銷售逐步恢復和潛在的成本壓力緩解,重申「買入」評級,但下調目標價5%至28元。
報告指,百威亞太第二季收入和正常化EBITDA分別按年增長3.7%和倒退5.6%,略好過市場預期,主要受韓國和印度市場推動。公司6月內地銷售回復高單位數增長,該行渠道檢查亦顯示7月銷售基本健康。
美銀證券預計,疫情仍然是公司面對的主要風險,或導致銷售波動。而第三季成本壓力可能保持在高位,然後在第四季及打後趨於正常。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.