《大行報告》招銀國際下調百威亞太(01876.HK)目標價至18.6元 評級「持有」
招銀國際發表研究報告指,百威亞太(01876.HK)中期核心淨利潤略低於該行預期,主要受到南韓市場表現疲弱、有效稅基正常化下印度撥備逆轉,以及匯兌因素所拖累。撇除人民幣及韓圜兌美元疲軟的影響,期內集團於中國的銷量增長11%,產品平均售價上升7.8%持續強勁的幫助下,季度銷售額內生增長率達到近15%。
該行認為,雖然南韓經營環境短期內難見快速復甦,但同時市場可能忽略了中國市場的強勁勢頭,對百威亞太維持「持有」評級,並預期要到南韓市場見起色才會調升投資評級。
招銀國際表示,仍然看好華潤啤酒(00291.HK)及青島啤酒(00168.HK)等中國啤酒企業,若未來幾星期中國市場數據續見增長,認為百威亞太依然是區內不錯的投資選擇,目標價由26.6元下調至18.6元。
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