《大行報告》花旗:百威亞太(01876.HK)首季EBITDA內生增長符預期
花旗發表研報指,百威亞太(01876.HK)公布今年首季業績,撇除匯兌影響EBITDA內生增長達10%,符合預期,中國業務年初至今表現向好,銷量、收入及EBITDA均高於疫情前水平。
該行表示,百威亞太季績展示出中國重新開放後消費高端化再次加速的趨勢,亦是該行今年對中國啤酒行業的主要投資主題,在選股上較看好收入貢獻全部來自中國的華潤啤酒(00291.HK),其次為百威亞太及青島啤酒(00168.HK),同予「買入」評級。
花旗指出,中國在內的亞太西部地區銷售額內生增長達13%,主要是銷量增長9%及產品平均價格提升3%所帶動,當中中國市場高端及超高端產品收入按年增幅達到雙位數,推動百威亞太整體業績增長,給予目標價28.1元;而潤啤及青啤目標價分別為76.5元及84.5元。
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