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《大行報告》中金:百威亞太(01876.HK)業績符預期 韓國市場因競爭導致壓力偏大
阿思達克 08-03 14:34
中金髮表報告指,百威亞太(01876.HK)今年中期業績符預期,上半年中國收入利潤水平已經超過疫情前期水平。且中國市場成本管控略好於該行預期,上半年噸成本在去年同期低基數下按年增3.7%,雖然因公司對衝手段原因或導致公司全年噸成本漲幅略超行業平均,但該行認爲公司自上而下高效的營運方式正在發揮作用,其成本的管控能力存在超預期的可能。 該行指,百威亞太於海外市場表現兩極分化,韓國因競爭導致壓力偏大,印度成爲百威第四大市場。韓國市場於去年初經營恢復正常之後,經歷一定階段高成長,因此次季銷量和利潤均面臨高基數壓力,疊加消費稅上漲、投資增加及成本上漲影響,令次季亞太東部的收入/銷量/ASP/EBITDA分別按年下跌7.1/2.4/4.8/29.5%。而印度的高端化持續,高端及超高端組合銷量按年高雙位數增長,帶動上半年印度業務收入按年強勁雙位數增長。 中金錶示維持百威亞太今明兩年盈利預測,EBITDA料分別爲21.96億和24.98 億美元,維持目標價23.8元,評級「跑嬴行業」。
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