《大行報告》瑞銀下調百威亞太(01876.HK)目標價至24.1元 評級「買入」
瑞銀發表報告指,百威亞太(01876.HK)第三季收入和EBITDA分別達18.6億美元及5.93億美元,按年增7%及2%,呈良好增長,在物料成本承壓期間,第三季毛利率下跌4個百分點;在亞太地區及內地業務的EBITDA利潤率跌幅分別收窄1個百分點及2個百分點,勝於市場預期。
該行表示,管理層指由於目前正在進行FIFA世界盃營銷活動,料今年第四季銷售費用比率按年持平,並料由11月1日起,針對內地跨渠道和品牌的高端及細分市場價格或會上漲。
基於第三季業績及受疫情影響,該行將公司2022年至24年純利預測平均下調8%,並將其目標價由26.7元下調至24.1元,維持其評級為「買入」。(ca/k)
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