研報掘金丨中金:降百威亞太盈利預測 維持9.8港元目標價
百威亞太(1876.HK)首季收入、銷量及正常化除息稅折舊攤銷前盈利(EBITDA)等均錄下挫,中金髮報告預期,該集團今年發展節奏前低後高,考慮中國區域需求疲軟,下調今明兩年EBITDA盈利預測均爲6%,分別至17.88億美元及18.86億美元。中金維持目標價9.8港元及評級“跑贏行業”不變。中金指出,百威亞太首季內地銷量同比下滑幅度高於行業,而印度延續增長趨勢、韓國分額進一步提升,展望今年,中國區憑藉品牌組合、渠道優勢重回分額增長趨勢,加大百威系列、哈啤佈局,重視非即飲渠道建設;韓國續投資凱獅等產品推進高端化,提升盈利能力;印度則通過百威、黑金等高端及超高端產品推進增長。預計今年大麥等原料價格有望仍處於低位,若銷量回升,規模效應有望進一步助力利潤率回升。中金預期百威亞太今明兩年純利7.75億美元及8.47億美元,營業收入63.73億美元及65.27億美元。
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