《大行報告》高盛降百威亞太(01876.HK)目標價至23.8元 下調盈測
高盛發表研究報告指,百威亞太(01876.HK)將於下月底公布今年度第三季業績,計及中國特別是沿海地區的天氣狀況、南韓市場的競爭以及匯率因素等影響,相應調整季度預測,第三季營業收入內生增長料達2.2%,正常化EBITDA料增長6%。若以美元計算,該行預測百威亞太第三季收入將按年下跌約1%,正常化EBITDA預期增長2.5%。
隨著成本壓力有所緩解,高盛預測百威亞太第四季EBITDA增長將持續回升,全年計預期銷售額及正常化EBITDA將分別增長10.4%及12.9%,美元計價純利料增長8.3%。報告指出,公司第三季經營情況短期放緩,拖累股價於過去三個月亦累跌20%,現價水平對應明年預測市盈率約22.4倍,高盛認為相關負面因素已反映在股價表現上。
憧憬百威亞太在超高端市場的穩健增長,以及擁有成本優勢,高盛預期公司旗下中國業務的利潤率可持續提升,維持「買入」評級,將2023年EBITDA預測下調3.4%,並將2024至2026年EBITDA預測下調約5%,2023至2026年每股盈利預測下調約3%至6%,目標價由26.5元降至23.8元。
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