智通财经APP获悉，瑞银发布研报称，微降百威亚太(01876)目标价由8.75港元至8.6港元，维持“买入”评级。百威亚太2025年收入及正常化EBITDA分别同比跌6.1%及9.8%，至57.64亿美元及15.88亿美元，逊于市场预期。由此推算，2025年第四季收入及正常化EBITDA分别同比跌4.2%及24.7%，至10.73亿美元及1.67亿美元。
百威全年正常化EBITDA利润率同比收缩1.4个百分点，主要因毛利率下跌和销售、一般及行政开支(SG&A)比率上升。期内净利润为4.89亿美元，受一项与韩国海关审计申索及税项相关的非经常性项目影响，该行认为是一次性因素。
该行将百威2026至2028年收入预测上调2%至3%，主要反映人民币汇率预期升值，不过料中国市场销量复苏步伐放缓，或推迟至2026年下半年。同时，该行调低2026至2028年EBITDA预测6%至7%，以反映营运去杠杆及商业投资增加，令EBITDA利润率下调2.5至2.8个百分点。
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