大行評級|中銀國際:維持百威亞太“買入”評級 當前估值水平有吸引力
中銀國際發表報吿指,百威亞太第二季以不變匯率計,營業收入和正常化EBITDA按年分別收縮7.8%和6.2%,差於預期。其中,中國市場的銷售表現疲軟,主要受制於宏觀環境、較高的可比基數、以及不利的天氣條件尤其在廣東和福建。展望下半年,該行預計量價有望齊升,受惠於相對低的可比基數、以及即飲場景邊際轉旺。此外,韓國和印度市場展現強勁的增長動能。全年看,利潤率改善仍是切實可見的,推動力包括韌性的平均售價以及更低的原材料和包裝物料成本。該行認為,市場對國內啤酒廠商的悲觀情緒已大致釋放,而股價反彈或仍需看到更多正面催化因素,如超預期的旺季銷售表現等。鑑於其市場龍頭地位,加上穩固的現金流以及盈利擴張前景,百威亞太當前的估值水平有吸引力,維持“買入”評級。
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