《大行報告》大和下調百威亞太(01876.HK)目標價至27.5元 次季亞太地區東部業績略遜
大和發表研究報告指,百威亞太(01876.HK)第二季正常化EBITDA為5.93億美元符合市場預期,收入內生增長按年升15%。雖然中國市場因持續復甦和高端化而保持強勁,但亞太地區東部市場在宏觀阻力業績稍遜。該行對公司利用高端化、地域和渠道擴張及其數字化能力的長期增長前景充滿信心,重申「買入」評級,惟將其2023至25年的每股盈測下調5至11%,目標價由28元下調至27.5元。
該行表示,集團管理層認為中國消費者對高端和超高端啤酒的需求強勁,又認為在地域擴張和渠道多元化方面,中國高端和超高端產品擁有巨大的增長機會。雖然集團成本持續上升,但管理層認為成本通脹的幅度正在減弱,毛利率將在明年受惠更加明顯的高端化和營運槓桿。集團將繼續通過提高效率和成本管理來緩解成本壓力。
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