《大行報告》星展降百威亞太(01876.HK)目標價至22.8元 下調盈測
星展發表報告指,由於近期宏觀形勢不明朗,加上今年春節較晚,百威亞太(01876.HK)在中國市場的銷售量在2023年第四季可能會略有下降。不過,該行認為,與2022年第四季相比,銷售渠道從到家轉移至店內銷售,產品組合的升級仍然保持不變。
星展預計,百威亞太在高端和超高端業務分部將繼續實現雙位數的收入增長,推動亞太區西部2023年第四季平均銷售價格增長約10%。雖然在中國總銷量在2024財年可能保持平穩,但預計高端化策略將保持不變,並支持亞太西區的平均銷售售價實現中單位數增長。
星展予百威亞太「買入」評級,目標價由25.9元下調至22.8元。同時將2023和2024財年盈利預測分別下調1%和2%,以反映下調銷量預期,但上調平均銷售價格預期。
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