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大行評級|交銀國際:下調至百威亞太目標價15.2港元 下調2023-25年的銷量和利潤率預期
交銀國際發表研究報吿,基於2024年22倍市盈率,將百威亞太目標價由20.7元降至15.2港元,重申“買入”評級。由於韓國市場競爭激烈,而國內市場雖然高端化比預期具有韌性,但消費環境仍存不確定性。該行下調2023-25年的銷量和利潤率預期。該行預計,2023年正常化淨利潤年增18.2%。由於國內的高端化和韓國升價,以及原物料成本持續下降,均價增長強勁,預計2023年第四季的毛利率及EBITDA利潤率將上升5.3及11個百分點,達到51.1%及28.2%。
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