大行評級|大摩:下調百威亞太目標價至13.8港元 下調2024至26年收入預測
摩根士丹利發表報吿指出,相信第三季百威亞太的韓國業務可持續強勢,但中國業務的壓力仍可能存在,惟料在下半年基數較低的情況下有所緩解。該行預期百威亞太的銷售及盈利勢頭將持續改善,以反映第三季EBITDA以內生增長計算呈輕微正增長,相對於第二季為下跌。
該行將百威亞太2024至2026年的收入預測下調4%至6%,以反映中國業務銷量及產品均價於第二季有所放緩,但大致維持對公司2025至2026年的增長預測,導致每股盈測被下調7%至8%。該行對百威亞太的目標價由16港元下調至13.8港元,以內生增長計算,對公司的2023至2025年收入、EBITDA及經調整每股盈利的年均複合增長率各為2%、4%及11%,對公司評級為“增持”。
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