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《大行報告》摩通下調百威亞太(01876.HK)目標價至29元 評級「增持」
阿思達克 05-05 10:31
摩根大通發表報告指,撇除匯兌因素,百威亞太(01876.HK)今年首季銷量及銷售額按年各增長9%及13%,產品平均售價增長3.5%,而EBITDA則增長10%,基本符合市場預期,但表現仍低於主要同業。 該行指,與2019年同期相比,百威亞太今年首季EBITDA增長11%,當中中國市場增幅達19%,亦低於同業表現。摩通指出,公司股價績後下挫,相信是由於投資者對4月至5月市場需求放緩的擔憂加劇所致。 摩通認為市場過分關注百威亞太短期數據,而忽略了中長期的上升空間,指出中國有可能削減對澳洲大麥的關稅,加上「夜生活」消費有所恢復,以及消費高端化趨勢持續,因此維持對百威亞太「增持」評級,目標價則從30元下調至29元。
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