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大行評級|中銀國際:上調百威亞太目標價至10.5港元 公司估值反彈空間較爲可見
格隆匯 02-27 10:17
中銀國際發佈研究報告指,以固定匯率計,百威亞太2024財年收入和正常化EBITDA(稅息折舊及攤銷前利潤)分別按年跌7%和6.3%,又指百威中國即飲銷售表現顯著受制於客流減少和消費力低迷,量價齊跌。該行表示,展望2025年,預計百威亞太西部及東部銷售額分別有望實現低單位數及中單位數的按年增幅。其中,市場份額提升是中國市場的首要任務,利潤率改善主要取決於價格策略、組合升級、營運效率優化、以及規模化;對百威亞太而言,原物料成本則預計較2024年大致持平或小幅增加。該行指,百威亞太是高端啤酒市場的絕對龍頭,當前公司估值反彈空間較爲可見。催化劑包括今年首季動銷/發貨邊際改善;CEO變更後的新市場策略和組織結構優化令人期待;股息回報提升;以及近期港股市場情緒和行業估值水平明顯修復。該行將其目標價由原先9.4港元上調至10.5港元,維持“買入”評級。
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