研報掘金|招商證券:下調百威亞太目標價至8港元 亞太西部地區再次不及預期
招商證券發表報吿指,亞太西部地區的再次失利,使百威亞太第三季EBITDA比市場預期低16%。今次是百威亞太連續第二個季度未達預期,該行認為在年底之際沒有任何積極的催化劑,特別是進入四季度淡季。展望明年,該行對百威亞太區域性提價的可行性持懷疑態度,與該行對毛利率預測的警惕相呼應,因為原材料成本的有利因素可能會同步減弱。下一個積極的催化劑主要是對明年夏季銷量回升的猜測,最早將於4月和5月開始。在那之前,該行認為風險可能向下傾斜,導致百威亞太在今年底進入第三年盈利下滑,而高端化和強勁的亞太東部表現都不足以彌補。近期股價回調似乎已經反映出疲弱的季度業績,該行維持對其“中性”評級,目標價由10.11港元降至8港元。
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