大行評級|建銀國際:預計百威亞太次季業績疲弱 下調目標價至9.2港元
建銀國際發表研究報吿指,百威亞太受到不利天氣、高基數及消費情緒弱於預期的影響,因此該行將集團次季亞太西部地區的收入增長預測下調至跌4% ,銷量和均價增長預測亦分別下降5%及升1%。該行預計集團西部地區次季高端和超高端類別的銷量將實現持平至低個位數增長。該行又維持集團在亞太東部地區銷量及均價預測。建銀國際預計,集團次季業績疲弱。雖然原物料成本下降,但由於銷售去槓桿化,將集團第二季綜合毛利率預測由52.2%略微下調至52%。該行認為,集團會調整在中國的銷售和行銷投資,以應對低於預期的銷售需求。整體而言,建銀國際下調百威亞太2024財年的EBITDA預測3%,以反映期內均價下跌及最新銷售預測。該行將集團目標價由11.5港元下調至9.2港元,維持“中性”評級。
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