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《大行報告》中金下調百威亞太(01876.HK)目標價至20.6元 第三季業績低於預期
阿思達克 11-01 10:03
中金發表研究報告指,百威亞太(01876.HK)第三季收入、銷量、EBITDA分別按年增7.1%、0.6%、4.1%。收入略超預期;利潤略低於預期,主要是因為韓國競爭激烈及成本略高於預期。 該行表示,公司整體噸成本增長壓力大於行業,但趨勢良好。該行認為,主要是因為今年公司高端超高端產品銷售佔比提升,預計後續隨著大麥等原料成本價格下降,公司噸成本增長會有較明顯的放緩。同時,該行認為目前大夜場渠路的開放度仍有進一步提升的空間,公司產品升級仍將持續。 由於韓國市場商業投資增加以及競爭壓力較大,該行下調海外市場盈利能力預測,下調集團2023及24年EBITDA 2.23及5.85%,至20.6億及22.5億美元,又下調目標價5.5%至20.6元,維持「跑贏行業」評級。
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