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《大行報告》大摩:世界盃刺激啤酒消費 料對百威亞太(01876.HK)股價有利
阿思達克 11-08 15:09
摩根士丹利發表研報,指即將舉行的世界盃賽事將成為百威亞太(01876.HK)的催化劑,預料將激發消費情緒並有利於高端化發展,認為有80%機率股價會出現積極反應。 今屆世界盃將於11月20日起於卡塔爾舉行,共設有64場賽事。大摩指,由於卡塔爾與中國、南韓及印度的時差分別為5、6及2.5小時,預期東亞地區大部分比賽將在晚上轉播,有助於刺激淡季的啤酒消費,在南韓及印度已解除夜生活防疫限制,以及中國市場的家庭消費支持下,相信百威亞太的產品均價及盈利能力都將提升,給予目標價29元及「增持」評級。 憧憬行業銷量增長及高端化發展正面,將帶動產品均價及利潤率提升。該行列出三個情境下,在樂觀情境下,百威亞太今年第四季自然收入增長按年升幅可達中單位數,將有動公司股價上升10%至15%。 大摩指,在基本情境下,若亞太地區增長被中國疫情發展所抵銷,亦預期第四季自然收入增長按年持平,與2019年同期比錄得低雙位數增長,則料股價升幅介乎0%至10%。但在悲觀情境下,假如期內中國防疫政策影響更甚,或令行業錄得負增長,百威亞太的股價則料下跌最多10%。
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