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《大行報告》大摩:百威亞太(01876.HK)上季收入符預期 純利略低預期
阿思達克 10-31 14:35
摩根士丹利發表報告指,百威亞太(01876.HK)第三季銷售額大致符合市場及該行預期,期內銷量增長0.6%、平均售價增加6.5%,主要受中國市場產品高端化,以及印度市場強勁增長推動,純利3億美元,低於該行及市場預期的3.15億美元。 第三季中國市場銷售額按年增8.7%,當中銷量微跌0.1%(同業同期跌5%),銷售均價自然增長8.9%,帶動EBITDA自然增長10.6%,雖然行業轉弱,並受天氣因素影響,但高檔及極高檔品牌銷售額仍有雙位數增長。南韓市場銷量在高基數及困難經營環境下錄中單位數倒退,銷售均價亦錄低單位數倒退;而在印度市場,高檔及極高檔品牌銷售額有強勁雙位數增長,EBITDA利潤率提升。 該行對百威亞太評級「增持」,目標價25元。
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