《大行報告》交銀國際降百威亞太(01876.HK)目標價至15.2元 均價驅動收入和EBITDA利潤率增長
交銀國際發表報告,預計百威亞太(01876.HK)去年淨利潤按年增長18%,銷售額及正常化淨利潤按年料分別增長6.2%和18.2%,意味著2023年第四季銷售額按年增長13%,正常化淨利潤1.26億美元。由於中國的高端化和韓國的提價,以及原材料成本的持續下降,均價增長強勁,預計第四季的毛利率和EBITDA利潤率將上升5.3個和11個百分點,達到51.1%和28.2%。
該行重申百威亞太「買入」評級,下調每股盈利預測,目標價下調至15.2元。鑒於韓國市場競爭
激烈,而中國市場雖然高端化比預期具有韌性但消費環境仍存不確定性,下調2023至2025年的銷量和利潤率預期。
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