《大行報告》瑞信升百威亞太(01876.HK)評級至「跑贏大市」 目標價23.5元
瑞信發表報告,認爲百威亞太(01876.HK)最壞時間可能已過,將其評級由「中性」上調至「跑贏大市」,維持目標價23.5元。
該行指,百威亞太目前股價爲未來一年預測企業價格倍數15倍,較上市以來平均水平低1.4個標準差,相信負面因素已反映在股價上。當中基於疫情影響減少,其中國業務去年第四季表現按年或按季有改善;至於南韓上月再度收緊防疫,但當地業務仍將受惠低基數效應。
該行估計藍妹及Corona品牌去年在中國銷量按年升兩至三成,好卡頓(內地譯福佳)啤酒銷量錄得更快增長,且該三款銷量增長最快品牌維持定價。中期而言,該行料百威亞太高端及超高端部門銷量在2021至2023年間錄10%年度複合增長。該行亦指,隨者核心品牌去年11月加價後,相信百威亞太上月亦上調高端及超高端品牌產品定價,幅度爲低單位數。公司的全球採購網絡、營運改善及其他成本措施應紓緩成本壓力。
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