《大行報告》星展上調百威亞太(01876.HK)目標價至32.73元 維持「買入」評級
星展發表研究報告指,百威亞太(01876.HK)首季業績表現強勁,超出預期。 調整後EBITDA及利潤分別按年增長7.6%及29%,均高於預期,相信主要受惠於期內持續的產品高端化及南韓業務強勁復甦等。
該行指,雖然中國首季受到新冠疫情影響,但百威亞太調整後EBITDA仍增長7.6%,EBITDA利潤率升至約35%,主因持續的成本管控及效率提升等舉措帶動。
星展預期,隨著南韓放寬防疫限制,市民正常生活得以恢復,百威亞太當地業績將實現強勁復甦,認為該公司今年收入及EBITDA將實現約10%及30%增長。中國方面,雖然高端化趨勢受疫情阻礙,但星展預期隨著各地疫情受控,下半年公司表現將較上半年改善,相信亞太西部地區平均售價可實現中單位數增長。
該行將今明兩年收入預測上調2%及4%,並將EBITDA預測上調4%及6%,目標價由31.11元提升至32.73元,維持「買入」評級,對市況略感樂觀,預計未來銷售復甦及效率提升將加快。
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