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《大行報告》匯豐研究微降百威亞太(01876.HK)目標價至22.8元 評級「買入」
阿思達克 09-27 12:06
匯豐研究發表報告,預料百威亞太(01876.HK)第三季有機收入增長按年升1%,正常化息稅折舊及攤銷前利潤(EBITDA)按年持平。該行又預料,內地市場銷售按年持平,料其組合能夠加強公司在高端及超高端市場上的優勢,故估計內地平均售價錄得中單位數的按年增長。然而,該行料南韓市場銷量或按年跌高單位數,因隨著上半年新品牌加入,市場競爭愈趨激烈;日本品牌啤酒獲准回歸南韓市場;及整體宏觀復甦存挑戰;加上去年同期銷量基數較高。該行續稱,百威股價自上半年末開始跌20.2%,同期恆指跌6.3%,主因市場憂慮南韓市場銷售存挑戰,但該行相信市場預期銷量下跌因素已反映在股價中。 該行將公司今年全年收入預測下調1.8%,全年毛利率預測則由51.8%下調至50.9%,反映高端產品佔比提升,將其目標價由23元微降至22.8元。集團現價為2024年市盈率預測20.7倍,是自上市以來低位,估值吸引,維持其評級為「買入」。(ca/k) ~
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