智通财经APP获悉，高盛发布研报称，微调百威亚太(01876)2026至27年销售额及净利润预测，现料2026至28年销售额分别增长3.1%、4.4%及4.7%，正常化EBITDA增长2.4%、8.6%及9.5%；维持“买入”评级及目标价8.4港元。
百威亚太2025年有机销售额及EBITDA分别同比跌6.1%及9.8%。中国市场为主要拖累因素(销量同比下跌8.6%，平均售价同比下跌3%)，但自第四季起有回稳迹象(销量跌幅收窄至3.9%)。印度市场维持强劲增长势头，第四季收入增长双位数；韩国市场在行业疲弱下仍展现韧性表现，EBITDA利润率有所扩张。
展望2026年，集团预期将面临轻微的商品价格成本挑战，部分可被成本管理措施所抵消。该行料中国市场年内收入将重回正增长，平均售价稳定，而销量同比增长2%。
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