《大行報告》麥格理降百威亞太(01876.HK)及青啤(00168.HK)目標價 升潤啤(00291.HK)評級至「中性」
麥格理發表研究報告指,內地啤酒行業上季銷量按年跌9.6%,而在消費情緒疲軟及農曆新年時間轉變下,單計去年12月銷量按年跌15.5%。該行指,在消費情緒疲軟下,啤酒業未能倖免,消費者轉向購買每瓶6至8元人民幣的產品,導致除百威亞太(01876.HK)外,行業去年下半年平均售價受壓。
該行表示,即使包裝原材料價格疲軟,以及大麥價格放緩對投入成本有利,但對利潤率的有利因素將被銷售去槓桿化所抵銷。整體而言,該行預料,重慶啤酒(600132.CH)、青啤(00168.HK)及潤啤(00291.HK)於去年第四季及去年下半年錄得虧損;另一方面,該行料百威亞太呈改善勢頭及其去年第四季EBITDA利潤按年升38%。
該行將潤啤去年、今年及明年純利預測分別下調8.1%、7.9%及0.8%,其收入預測則分別下調0.7%、1.8%及1.3%,毛利率則下調0.3個百分點、0.3個百分點及0.2個百分點。該行將其目標價由39元下調至28.6元,其評級由「跑輸大市」升至「中性」。
該行將百威亞太去年、今年及明年純利預測分別下調0.8%、0.8%及0.9%,其收入預測則分別下調1.7%、1.7%及1.6%,毛利率則均下調0.1個百分點。該行將其目標價由24.2元下調至18.6元,維持其評級為「跑贏大市」。
該行將青啤去年、今年及明年純利預測分別調整為升1.3%、降6.3%及降6.7%,其收入預測則分別下調4.3%、6.6%及6.6%,毛利率則調上調0.2個百分點、降0.6個百分點及降0.6個百分點。該行將其目標價由72元下調至48元,維持其評級為「中性」。(ca/cy)
~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.