《大行報告》瑞信上調百威亞太(01876.HK)目標價至28.5元 評級「跑贏大市」
瑞信發表報告指,百威亞太(01876.HK)去年收入64.78億美元,按年增長2.4%,正常化的EBITDA則按年下跌5.2%至19.32億美元,表現較市場預期差,主要由於第四季業績遜預期。其中,中國業務受到疫情負面影響,去年第四季的銷量、產品均價及EBITDA分別下跌7%、8.6%及44.1%。
展望未來,瑞信認為啤酒股可有更多推動股價的催化劑,包括高檔板塊的銷量增長加快等,相信百威亞太強勁的高檔/超高檔組合,可支持今年的銷量及產品均價復甦,瑞信估計今年可分別增長4%及8%。
瑞信下調百威亞太今明兩年盈利預測各6%及3%,反映去年第四季盈利遜預期,但由於經調整EBITDA增長料會加快,股份目標價由27元調升至28.5元,評級維持「跑贏大市」。
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