《大行報告》富瑞下調百威亞太(01876.HK)目標價至28.3元 評級「買入」
富瑞發表報告指,百威亞太(01876.HK)將於本月31日公布第三季度業績,預期經調整EBITDA為5.97億美元,利潤率31.2%,銷售額增長3%至274億美元。該行料中國啤酒行業仍然鞏固,公司聚焦產品進行結構性高端化,維持「買入」評級,目標價由30元下調至28.3元,此基於對其盈利預的調整。
該行認為內地啤酒行業仍然穩健,主要廠商聚焦於高端化,估計百威亞太內地市場7月及8月有中單位數字跌幅,但9月復甦,去年第三季比較基數較高,今年8月北部水浸及9月南部大雨都影響銷售,但品牌高端化、銷售渠道優化、部分產品加價,都對提升平均售價有利,有助毛利率改善,為增加推廣開支提供空間。
南韓市場方面,同業Hite推出新品牌Kelly,市場競爭加劇,相信百威亞太會繼續進行廣告投資,而明年為南韓選舉年,預料同業將會決定推廣計劃。
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