《大行報告》招商證券下調百威亞太(01876.HK)目標價至22.8元 上季再受匯兌負面影響
招商證券發表報告指,百威亞太(01876.HK)第三季收入按年增2%至18.97億美元,(主要撇除外匯影響)有機收入增7.1%。期內,純利為3億美元,按年持平。強勁基本面增長再受到外匯負面影響,亞太西部地區(主要是中國及印度)收入按年增9.9%,銷量增1.1%,而平均售價較去年同期增長8.8%;亞太東部地區(主要是南韓)收入跌5%,銷量降3.2%,平均售價按年倒退1.9%。
該行提到,韓國政府於今年4月提高啤酒稅,但集團未有即時提高所有產品的價格,令利潤率受壓,惟公司已在10月將產品提價,這應該有助提高利潤率。集團預計,2024財政年度的單位成本應按年下降。集團的毛利率壓力應會在今年第四季及2024財年得到緩解。該行表示,雖然整體消費者開支低迷,但公司的產品仍有高端化的空間。由於比較基數相對較低,料今年第四季的集團表現將有良好的按年增長。
該行指,今年第三季的業績主要受到匯兌的負面影響,惟期內基本數據強勁,將2023的每股盈測下調10.9%,而2024至25的盈測則分別上調0.7%及2.3%,以反映本地貨幣貶值。該行維持集團「買入」評級,目標價由23.3元下調至22.8元。
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