《大行報告》招商證券下調百威亞太(01876.HK)目標價至23.3元 維持「增持」評級
招商證券發表報告指,百威亞太(01876.HK)上半年基本營收增長符合預期。收入按年增長6.2%至36.66億美元,比招證國際預測低7.9%。淨利潤按年下降8%至5.75億美元,比招證國際預測低13.2%。該行認為上半年淨利潤低於預期的主要原因是本幣對美元貶值;啤酒消費稅增加;由於分紅和業務所在的國家徵收的預扣稅高,提高了有效稅率。
考慮到本幣貶值和更高的有效稅率假設,該行將2023至2025財年各年每股盈利預測分別下調3.5%、11%和9.6%。目標價由28.4元降至23.3港元,維持「增持」評級。
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