《大行報告》麥格理下調百威亞太(01876.HK)目標價至29元 評級「跑贏大市」
麥格理發表報告表示,下調百威亞太(01876.HK)目標價,由30.6元降至29元,維持「跑贏大市」評級。該行下調對公司2022年及2023年除息稅折舊攤銷前溢利(EBITDA)預測6%及7%,反映內地銷售去年第四季疲弱。
該行估計百威亞太去年第四季收入及EBITDA按年跌14%及34%,中國市場繼續受新冠疫情影響而疲弱。展望今年,預期公司受惠中國於消費復甦及較溫和的進口成本通脹。
中國市場方面,該行指百威亞太去年11月1日提價,但去年第四季平圴售價料按年跌6.4%,受不利渠道組合變化影響,收入按年跌16.4%。今年則受惠啤酒消費反彈,但第一季為過渡期,需求復甦溫和。南韓市場方面,該行料公司收入按年升8%,但廣告及推廣開支增長或導致EBITDA受壓,料南韓季度業務EBITDA按年跌22%。
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