麥格理:首予百威(1876.HK)“跑贏大市”評級 目標價34港元
麥格理髮表報告,首次覆蓋研究百威亞太(01876.HK),予其“跑贏大市”評級,目標價34港元。該行表示,公司為亞太區最大及最賺錢的啤酒生產商,其在中國的業務收入佔比約70%至80%,而南韓、印度及越南為其他主要市場。
麥格理表示,雖然中國的啤酒銷量上升空間有限,但市場競爭是要高檔化,而百威為中國高檔及超高檔啤酒的市場領導者,在去年的市場佔有率達47%,公司藉着完整的產品組合、本地化的銷售團隊和強大的營銷能力,在中國市場取得成功。該行預期,百威在中國的毛利率將有實質改善,並將推動整體盈利增長明顯超過收入增長,相信公司是投資者接觸中國啤酒行業最具吸引力板塊的最佳股份。
該行又提到,百威在其他亞太市場亦料可見強勁增長,公司為南韓最大的啤酒企業,去年的市佔率達60%並擁有良好定位。至於印度和越南市場雖然仍相對較小,但公司打算通過自然增長及進行收購,在此等現有市場實現快速增長。
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