《大行》高盛料百威亞太(01876.HK)次季EBITDA跌12.6% 目標價下調至9元
高盛研究報告指,百威亞太(01876.HK)即將公布次季業績,該行預期次季集團整體內生收入(organic revenue)跌6.9%,經調整EBITDA跌12.6%,淨利潤錄2.16億美元,而去年同期為2.54億美元;展望第三季及下半年,預期盈利增長會慢慢恢復。至於全年,該行料亞太東部地區內生EBITDA升2.2%,由平均售價上升及銷量增長推動;亞太西部地區內生EBITDA則按年跌5.7%,但消費者情緒將逐漸恢復。目標價由9.2元下調至9元,維持「買入」評級。
報告指,次季內地市場行業仍然疲弱,銷售渠道低迷,去庫存措施持續。該行料進入下半年將見到按季恢復,因庫存渠道更健康令去庫存的影響消退,以及基數更有利。印度方面,預期收入的強勁增長勢頭將持續至次季。至於韓國,該行料短期將面臨挑戰,因次季銷量或受到4月起提價影響付運,加上在行業需求疲弱下的高基數,對近期當地啤酒行業逆風持更謹慎看法。
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