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《大行報告》麥格理下調百威亞太(01876.HK)目標價至30.6元 評級「跑贏大市」
阿思達克 10-31 12:57
麥格理發表研究報告指,以自然增長計,百威亞太(01876.HK)第三季收入按年升7.2%,經調整稅息折舊及攤銷前盈利(EBITDA)按年升1.6%,勝該行預期。南韓及印度市場強勁表現抵銷了中國內地市場因疫情防控的弱勢。雖然投入成本上升對第三季毛利率添壓,但理層預期成本通脹壓力已於第二、三季見頂,並將於明日(11月1日)在中國市場加價以支持利潤率。 報告稱,在低基數下,百威亞太第三季中國市場銷量錄3.7%增長,惟低於行業產出9.3%增幅,因防疫限制對其重點市場帶來影響,並抑壓了其重視的夜店管線。此外,百威亞太第三季中國市場銷售均價按年跌2%,因高端渠道如夜店及餐廳受到疫情影響。受累原料及包裝成本升幅達雙位數,上季毛利率跌3.8個百分點至51.2%。 該行降其今明兩年EBITDA預測分別0.3%及1%,以反應內地疫情影響,目標價降1%至30.6元,重申「跑贏大市」評級。
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