《大行報告》大和升百威亞太(01876.HK)評級至「買入」 目標價下調至27.3元
大和發表研報指,百威亞太(01876.HK)上半年EBITDA按年升66%,較市場預期高2%,惟較該行預期低2%,意味第二季EBITDA按年升20%。次季西部及東部地區平均售價分別按年上升9.7%及1.6%,期內銷量因高基數效應錄輕微下跌。該行指出,在消費升級及產品高端化下平均售價持續改善,而公司股價自年內高峯迴調19%後,風險回報轉佳,將其評級由「跑嬴大市」升至「買入」。
其中,以本地貨幣計算,中國市場每百升收入於第二季按年升9.7%,升幅較第一季的4%加快,是得益於低基數及產品持續高端化。核心+及超高端品牌銷量在上半年及次季均見雙位數升幅,帶動西部市場的EBITDA利潤率增長。但由於公衆活動減少,大衆品牌銷量下降,加上去年較高基數,令今年次季整體銷量料按年跌5%。
大和指,雖然百威亞太在南韓市場佔有率有提升,但防疫措施下銷量有所下跌,預期防疫措施於第三季仍維。該行將公司2021至2023年整體收入預測削減1%,以反映內地市場價值產品收入可能下跌,以及亞洲東部地區較低銷量。由於營銷費用增加,同時削減每股盈利預測約2%至7%,目標價由29.2元下調至27.3元。
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