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大行評級|交銀國際:上調百威亞太目標價至9.78港元 韓國印度市場引領整體表現
格隆匯 02-28 10:35

交銀國際發表研究報吿指,百威亞太去年全年業績符合預期,公司通過韓國市場的強勁表現和印度市場的高端化策略,部分抵銷了其他市場的負面影響。每股股息按年增7%,派息率提升至96%,是正面的驚喜。該行將公司目標價由9.39港元上調至9.78港元,維持“買入”評級。

該行指,公司中國區業務短期發展面臨阻力,中國區銷量按年降11.8%,收入降3%,主要受到餐飲和夜場消費的表現及行業競爭加劇影響,亞太西部之銷量和均價分別下滑10.3%和2.8%,導致整體亞太西部收入下滑12.8%。另外,印度高端市場發展強勁,高端及超高端產品組合實現了近20%的增長,並且公司的市場份額在過去5年增長超過一倍。而韓國市場表現亮眼,高個位數的銷量增長帶動雙位數的收入增長,主要得益於產品組合改善和市佔率的持續擴張。

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