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大和:降百威亞太(1876.HK)目標價至25.6港元 疫情反彈打擊銷量
格隆匯 09-28 17:14

大和發表研究報吿指,由於哈爾濱、福建以及韓國疫情出現反彈,打擊當地的啤酒市場,將百威亞太(1876.HK)2021-2023年的收入預測下調2%,純利預測亦調低9%-10%。該行強調,百威堅持做好高端化,重申其“買入”評級,但目標價則由27.3港元下調6.2%至25.6元。

報吿引述政府數據指,由於Delta變種病毒在中國部分地區爆發,出口至中國的啤酒在今年7至8月按年下跌7%。 而隨着近期更多城市封鎖交通進出以及關閉娛樂場所,預料9月的出口量也將出現下跌。與此同時,韓國目前也實施限制措施,整個第三季,當地都限制堂食入座人數以及停開娛樂場所。因而,該行預料百威亞太第三季的銷量將按年下跌10%,並預期EBITDA利潤率將按年微升1個百分點,以反映集團嚴格的成本控制和更高的平均銷售價格

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