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《大行報告》浦銀國際升百威亞太(01876.HK)評級至「買入」 業績確定性大幅提升
阿思達克 12-04 10:55
浦銀國際發表報告指,過去12個月,韓國啤酒市場競爭加劇、利潤率惡化,導致百威亞太(01876.HK)無論是業績還是市場情緒都面臨較大的挑戰。然而,該行預測韓國啤酒行業的競爭態勢將在明年有所緩和,主要玩家有望達成共識終結價格戰並共同聚焦於利潤率的修復。因此判斷韓國市場最困難的階段已經結束。 同時,公司在中國將繼續受益於高端啤酒市場消費結構升級的趨勢。考慮到明年業績確定性大幅提升以及當前較高的估值性價比,浦銀國際上調百威亞太至「買入」評級,維持目標價17.9元。 該行小幅上調百威亞太2023至2025年的業績預期。基於目前預測,百威目前明年EV/EBITDA僅8.3倍,估值處於歷史底部,性價比較高。隨着業績確定性持續釋放,估值有望回升。
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