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大行評級|花旗:予百威亞太“買入”評級 在業績中看到兩個積極因素
格隆匯 02-26 14:22
花旗報吿指,百威亞太去年核心淨利潤按年跌15%,基本符合該行及市場預測。該行認為,投資者的預期在公司公佈去年第四季業績前已得到有效管理。儘管亞太東部地區去年第四季實現8%的內生銷售增長及9%內生銷量增長,但中國同期業務疲軟,內生銷售額按年跌20%,令亞太西部地區同期內生收入及銷量均按年跌17%。該行表示,在百威亞太業績看到兩個積極因素,第一為去年第四季中國銷量下降中,有三分之一是公司主動進行渠道去庫存,為今年重新出發奠定基礎;第二為去年基於核心淨利潤計算的派息比率按年升20個百分點至96%,增加對股東現金回報。該行目前予百威亞太“買入”投資評級及目標價16.2港元。
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