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大摩:重申百威亞太(1876.HK)增持評級 目標價29港元
格隆匯 05-06 14:32

摩根士丹利發表研報指,百威亞太(1876.HK)今年首季定價趨勢正面、產品組合朝向更高端、成本控制有成效,預期近期的疫情衝擊緩和後,集團將重新佔據市場份額。而未來韓國市場的復甦將成為股價短期的催化。該行重申“增持”評級及29港元的目標價。

報吿指,考慮到中國近期疫情的影響,調整百威亞太的盈利預測,料2021-24年銷售的均複合增長率為8%,EBITDA為11%,每股盈利為18%。

報吿指出,集團首季有機銷售按年增長1.5%,反映銷量下跌2.7%的影響被平均銷售價格增長4.3%所抵消。由於原材料成本上升,毛利率下降77基點。營業費用節省4.2個百分點,這是因為農曆新年活動的投資提早於去年第四季進行,資源重新分配至疫情影響較少的地區,以及韓國去年同期的高基數所致。期內,正常化EBITDA上升7.6%,EBITDA率亦升1.98個百分點至2019年首季以來最高的34.9%。

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