大行評級|麥格理:下調百威亞太目標價至14.9港元 下調今年至2026年盈測
麥格理下調百威亞太今年至2026年淨利潤預測6%至8%,反映經營去槓桿及印度市場會計政策改變,目標價由15.4港元降至14.9港元,維持“跑贏大市”評級。該行指,內地啤酒業銷量在7月及8月分別按年跌10%及3.3%,受天氣狀況及疲弱餐廳需求影響。印度市場方面,預期當地雙位數銷售增長動力持續,但回收玻璃瓶會計政策會對盈利帶來影響,亞太西區EBITDA於第三季料跌13.5%。該行料公司第三季EBITDA按年跌10%,韓國銷售表現堅韌將部分地抵銷內地市場疲弱。
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