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《大行報告》富瑞下調百威亞太(01876.HK)目標價至23.4元 售價提升可抵銷銷量下跌
阿思達克 01-22 11:29
富瑞發表研究報告指,由於公司在中國市場業務高端化和擴張、及韓國地區產品價格上升,百威亞太(01876.HK)去年第四季的表現將受惠於東、西部市場的平均售價提升。然而,由於中國消費者信心疲弱及韓國的運輸和競爭,該行預期這兩個市場的銷量將會下降。 該行相信,期內售價提升可抵銷銷量下跌。該行上調集團2023財年的淨利潤預測0.4%,而2024至25財年預測則分別下調0.6%,目標價由23.9元下調至23.4元,維持「買入」評級。 富瑞預計,百威亞太去年第四季正常化EBITDA將達到2.59億美元,有機增長29%,銷售額為12億美元,按年增長4.7%。因此,該行預計百威亞太EBITDA及銷售額於期內有機增長30%和5.4%。
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