研報掘金|中金:維持百威亞太“跑贏行業”評級 目標價9.8港元
中金髮表研究報吿指,百威亞太上季收入、銷售額及EBITDA分別下降11%、12.7%及7.2%,惟銷售均價按年增1.9%。毛利率按年跌1.61個百分點,EBITDA利潤率升0.84個百分點。中國市場方面,收入、銷量、均價及EBITDA分別按年跌20.1%、18.9%、1.4%及19.9%。展望今年,新CEO上場,公司目標擴大中國市場佔有率。百威亞太中國市場表現疲弱,惟中金考慮到集團在韓國及印度有良好的勢頭,大致維持其2025年的EBITDA預測為19億美元,並料2026年EBITDA達20億美元。該行維持集團目標價9.8港元及“跑贏行業”評級。
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