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《大行報告》高盛:百威亞太(01876.HK)銷售及EBITDA略勝預期 重申「買入」評級
阿思達克 10-27 14:12
高盛發表研究報告指,百威亞太(01876.HK)9月底止第三季銷售及EBITDA略勝預期,正常化EBITDA達到5.93億美元,按年跌1.6%,略勝於該行預期的5.62億美元。在原材料成本壓力及中國業務經營去槓桿的拖累下,期內正常化純利按年跌14%至3.03億美元,亦高於高盛早前預測的2.96億美元及市場預期的3.01億美元。 期內亞太地區東部防疫限制逐步解除,帶動百威亞太業務強勁復甦,第三季該市場收入增長19.5%,EBITDA增長18.3%,但EBITDA增幅略低於該行預測。 高盛續指,亞太地區西部地區復甦亦超出預期,主要受到印度市場帶動;但中國仍持續受到疫情影響,中國市場分部收入增長1.6%,銷量增長3.7%,平均售價則下降2%。 高盛表示,接下來將重點關注中國疫情走勢對百威亞太高端化發展的影響,以及明年經營展望,預期印度及南韓市場份額、利潤率增長與營銷投資將步向正常化,重申「買入」評級,目標價為27元,對應預測2025年市盈率約31倍。
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