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《大行報告》摩通降百威亞太(01876.HK)目標價至11.5元 料今年內地產品均價增長承壓
阿思達克 01-23 09:47
摩根大通發表報告指,百威亞太(01876.HK)將於2月29日公布去年第四季業績,預計銷售額和EBITDA有機增長為4.5%和11.7%,估計按報告準則按年增長為3.4%和10.4%。在中國和韓國市場,百威亞太強勁的平均售價增長抵銷銷量的疲軟。該行預計上季其亞太地區西部/中國的平均售價將增長10%,亞太地區東部/韓國的平均售價將增長5%。 展望今年,該行預測,鑒於高基數和消費需求減速,中國市場產品平均售價將是一個主要風險;百威將韓國市場將平均售價增長的大部分收益重新投入到品牌建設中,以擴大今年市場份額。 摩通微調對百威亞太盈利預期,預測2024年銷售額/EBITDA/純利將分別按年增長5.3%、7.3%及10%,比市場共識低5%/9%/13%。目標價由14元下調至11.5元。該價年初至今下跌17%,相信是由於市場對市場前景、公司盈利下滑和估值的擔憂加劇,因此維持「中性」評級,直至相關能見度改善。
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