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《大行報告》里昂降百威亞太(01876.HK)目標價至14.5元 業績大致符預期
阿思達克 03-01 10:19
里昂發表報告,指百威亞太(01876.HK)去年末季業績大致符預期,收入略勝預期,惟受累稅率較高,正常化純利略遜預期。該行料在組合升級下,其中國市場業務及銷售均價持續增長,但由於缺乏疫情重新開放的刺激,以及通縮環境可下加價空間有限,料增長率將放緩。南韓市場銷量及銷售均價料持續改善,市佔趨穩及加價效果展現。 該行料其今年收入及正常化純利按年分別升6%及15%,由於原材料成本下降及銷售均價上升,料利潤率可擴張。而派息比率升至82%意味股息率4%,提供一些下行保護。該行調整對其估算,目標價由17.2元降至14.5元,評級「跑贏大市」。
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