研報掘金丨浦銀國際:維持百威亞太“持有”評級 目標價19.9港元
格隆匯8月8日丨浦銀國際發佈研究報吿稱,維持百威亞太“持有”評級,目標價19.9港元。該行認為公司中長期增長邏輯不如中國啤酒企業,相較中國啤酒企業,百威亞太高端與超高端產品的銷量佔比較高(已達50%以上),未來高端化帶來的邊際利潤率擴張效應相對較弱;韓國市場中長期將繼續拖累公司整體的業績和估值。韓國疲軟的經濟形勢使亞太東產品組合承壓、利潤率提升受阻。中國在渠道放開以後雖然錄得高於行業的收入增長,但較大的市場投入抵消了渠道結構改善以及正槓桿對毛利率的幫助,導致EBITDA利潤率同比擴張不及預期。該行認為公司2H23的EBITDA利潤率有望在繼續下行的原材料價格以及較低的基數下恢復同比擴張的趨勢,但擴張幅度相較競爭對手依然較小。
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