金吾财讯 | 交银国际表示，百威亚太(01876)将于10月30日公布其2025年3季度业绩。该机构预计期内集团收入同比下降6.4%，整体复苏仍较缓慢；经调整EBITDA预计同比下降14.4%，经调整归母净利润预计为1.9亿美元，同比下降14.6%。核心压力来自中国内地市场即饮渠道偏软，部分被印度市场的强劲增长、韩国市场的提价措施以及成本改善所抵消。该机构认为目前股价已基本反映短期销售压力，4季度或现边际改善，且超过5%的股息率将对股价形成支撑。该机构指，亚太西-中国内地即饮渠道承压：中国内地市场餐饮渠道复苏偏软，公司期内去库存亦对销售有负面影响。该机构预计3季度亚太西部地区收入同比下降高单位数，经调整EBITDA将下跌近20%。亚太东-韩国市场表现相对稳健：该机构预计3季度亚太东部地区表现相对稳健，收入略有下降（汇率小幅负面影响），经调整EBITDA有望小幅增长。该机构下调2025-27年EBITDA及归母净利润预测5-7%/5-9%，以反映近期偏软表现。基于2026年20倍目标市盈率不变，目标价下调至9.50港元，维持买入评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.