《大行報告》建銀國際下調百威亞太(01876.HK)目標價至20.6元 高端業務穩健增長
建銀國際發表報告指出,百威亞太(01876.HK)第三季業績大致符合預期,期內收入內生增長7.1%,銷量升0.6%,均價提高6.5%。儘管產業前景疲弱及季內天氣不利因素影響,但在渠道重新開放及持續高端化的推動下,公司的中國業務收入內生增長8.7%,成為關鍵增長動力。
該行認為,百威亞太的高端業務增長仍是戰略重點,該行預期公司下半年收入增長6.4%,銷量增長4%,產品均價提高2.2%。同時,原材料成本及包裝材料成本壓力緩解下,該行預期公司下半年EBITDA利潤率將改善3.1個百分點至29.3%。
此外,建銀國際將百威亞太今明兩年的盈利預測下調各4%,反映有效稅率高於預期。對其目標價由23.3元下調至20.6元,相信長遠而言,憑藉公司強大的品牌和產品組合,公司將可繼續受惠於其在高端啤酒行業的強大市場領先地位。維持對其「跑贏大市」評級。
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