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大行評級|瑞銀:下調百威亞太目標價至13.78港元 下調今明兩年盈測
瑞銀髮表報吿,下調對百威亞太今明兩年盈測分別6%及7%,以反映中國銷量上半年疲弱,目標價由14.92港元降至13.78港元。該行指,中國業務首季內生收入按年倒退2.7%,銷量按年跌6.2%,但平均售價按年升3.7%。報吿引述管理層指,銷量下跌主要基於去年經濟重啟的高基數及3月的不利天氣影響。該行料公司在中國的高端產品銷量大致穩定,受渠道擴張推動。報吿亦引述管理層指,高基數壓力將在下半年紓緩,該行認為意味第二季銷量增長承壓。該行又指,受高基數影響,韓國首季銷量錄按年中單位數下跌,但收入因產品加價及產品組合改變錄中單位數上升。該行對公司第二季在韓國的展望正面,基於低基數及當地經濟上升與通脹緩和。
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