招商证券国际发布研报称,将百威亚太(01876)目标价从9.4港元下调3%至9.1港元,维持“中性”评级,集团第一季度表现疲软,但符合预期,销售额同比下降7.5%,主要受到内地市场持续逆风的影响,该地区销售额下滑12.7%。集团经常性EBITDA下降11.2%,主要由于运营杠杆效应减弱。但亚太东区表现依然强劲,销售额和EBITDA分别增长11.7%和24.4%,毛利率亦保持稳定,为51%。该行认为,百威亚太的复苏轨迹可能比同行更复杂,预计今年夏季啤酒销售或将恢复,华润啤酒(00291)是该行首选的投资标的。
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