大行評級|建銀國際:上調百威亞太目標價至9.3港元 韓國市場仍是主要收入動力
建銀國際發表研報指,百威亞太中國市場第三季銷量增長放緩,因此將其季度收入增長預測從3%下調至2%,以反映亞太西部地區期內銷量由預期可增長數個百分點,至目前預測下跌3%。至於另一主要市場韓國,由於當局加徵酒精税,百威韓國附屬經營的主要品牌CASS和HANMAC等自去年10月起加價超過5%。該行預測公司旗下亞太東部第三季銷售額將增長12%,在去年同期低基數下銷量料增長5%。憧憬百威在韓國的市場佔有率可持續提升,該行相信韓國將繼續成為百威第三季的主要收入動力,亞太東部EBITDA利潤率料進一步改善4.9個百分點至約31.5%;而亞太西區EBITDA利潤率則預測要跌0.5個百分點至31.2%。該行維持對百威亞太的“中性”評級,大致維持2024及2025財年EBITDA預測不變,目標價由8.7港元上調至9.3港元。
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