《大行報告》交銀國際升百威亞太(01876.HK)目標價至15.6元 啤酒高端化具韌性
交銀國際發表研究報告指,百威亞太(01876.HK)去年銷售額符合預期,按年增5.8%,而正常化淨利潤按年升7%;毛利率升35個基點;每股股息增40%,股息率提升至82%。集團未來的派息率將維持在75%或以上。
該行表示,亞太地區西部的啤酒高端化具有韌性,未來公司的利潤率上升將來自品牌與渠道組合優化及營運效率。而東部地區方面,日本品牌競爭加劇導致韓國市場銷量下降,EBITDA利潤率上升將來自價格上升、營運效率、及品牌組合。該行對集團重申「買入」評級,目標價上調至15.6元。
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