智通财经APP获悉，摩根大通发布研报称，百威亚太(01876)2025年第四季EBITDA同比下降25%，较市场共识低12%，销售额同比下降4%。百威中国为主要拖累，销售额及EBITDA同比分别下降11%及42%，主因促销活动增加及显著的去杠杆效应。摩通对百威亚太维持“中性”评级，目标价为7.9港元。
百威韩国2025年第四季销售额及EBITDA同比分别下降1%及6%，表现优于行业增长，与韩国政府的税务纠纷导致集团盈利带来一次性4,900万美元的拖累。正面因素方面，百威中国自2025年第四季起销量势头已见改善，目标于2026财年透过加大对在家饮用分销能力的投资以“重燃增长”。该行预测集团2026年销售额及EBITDA将同比增长3.4%及5.4%。
百威已宣布派发2025财年股息7.5亿美元，派息比率150%，股息率股息率为5.7厘，并将在4月新任财务总监上任后检讨股息政策。该行认为百威很可能维持现行政策，即每年维持或增加每股派息，这意味着按当前19倍2026年预测市盈率计算，2026年预测股息率为5.7厘。
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