《大行報告》星展降百威亞太(01876.HK)目標價至21.6元 評級「買入」
星展發表研究報告指,百威亞太(01876.HK)中國業務上季平均價格按年增長14.7%,並於2023財年將其高端及超高端品牌分銷網絡分別擴展到220及63個城市,今年的目標是分別達到235和70個城市。該行指,公司持續的地理擴張及現有市場的產品組合升級,將有助在2024財年中,亞太區西部均價增長中個位數,並料2024財年中國的總銷量將會持平。
該行表示,由於均價增長及2024財年大麥價格走弱,公司利潤率將持續擴大,預計2024財年集團的毛利率將增長0.7個百分點。該行下調公司2024及25財年的盈測3%和4%,目標價由22.8元下調至21.6元,維持「買入」評級。
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