《大行報告》麥格理上調百威亞太(01876.HK)目標價至32元 評級「跑贏大市」
麥格理髮表研究報告指,百威亞太(01876.HK)中期收入及利潤表現均超出該行預期,期內南韓業務增長加快,由於當地防疫限制放寬,第二季銷量增長回升至高單位數,於夜場消費及家庭市場份額持續提升,平均售價亦以高單位數增長。
該行又指,百威亞太中國業務也出現逐步復甦,經歷3月至5月的疫情嚴格限制後,當地銷量按月改善,6月份錄得高單位數增長,當中高端及超高端產品增長達雙位數。
惟麥格理提醒,中國銷量第二季下降6.5%,跌幅大於行業平均的2.6%,主要是由於百威業務所在地區仍受到疫情影響,夜場及餐廳銷售渠道受阻所致。計及成本壓力,將2022至2023財年EBITDA預測下調1.7%及4.3%,同時估值基礎相當於企業價值對EBITDA比率20倍不變,但推展至2023年,將目標價由28元上調至32元,繼續列百威亞太爲行業首選,評級「跑贏大市」。
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