《大行報告》摩通下調百威亞太(01876.HK)目標價至26元 評級「增持」
摩根大通發表研究報告指出,預期百威亞太(01876.HK)撇除匯兌影響的第二季銷售按年增長13%,EBITDA增長9%,而包括匯兌影響則按年增長8%及5%;認為公司中國業務受惠於重新開放而復甦,銷量、收入及EBITDA分別按年增長10%、15%及14%;南韓業務則受經營去槓桿影響,銷量、收入及EBITDA分別按年持平、升1%及跌18%。
公司預期,百威亞太上半年銷量按年增長8.9%,高過該行對華潤啤酒(00291.HK)及青島啤酒(00168.HK)預測的4.4%及6.1%。另預測青啤上半年EBITDA按年增長23.5%,高過該行對潤啤及百威亞太預測的20.8%及8.8%。
此外,該行對百威亞太2023至2025年的每股盈利預測下調3%至4%,目標價由29元下調至26元,評級「增持」。
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