大行評級|摩根大通:下調百威亞太目標價至8.4港元 維持“中性”評級
摩根大通發表報吿,預計百威亞太去年第四季EBITDA將倒退27%,原因是中國需求減弱導致日益積極的去庫存;韓國加價效益下降。儘管中國的去庫存化已大致完成,該行指仍未見到中國的零售渠道在去年第四季出現按季穩固復甦。
摩通預測今年百威亞太集團銷售額及EBITDA將按年增長分別7%及9%,假設中國銷量及平均售價將按年分別復甦5%及3%。該行認為其估值已向下重評至吸引水平,意味着今年自由現金流收益率預測為9.2%,股息率料5.8%,認為可有效保障股價表現。
該行將其目標價由8.6港元降至8.4港元,並維持“中性”評級,催化因素包括餐飲業復甦及政府潛在刺激政策。
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