交银国际:维持百威亚太(01876)目标价8.9港元以及“买入”评级

智通财经网
May 07

智通财经APP获悉,交银国际发布研报称,维持百威亚太(01876)目标价8.9港元以及“买入”评级。

该行表示,第一季业绩优于市场预期,销量重回正增长。收入同比降0.7%(内生成长,下同)至14.93亿美元,公司整体销量同比增0.1%,为多个季度以来首次恢复正增长,主要得益于印度市场持续强劲的双位数增长与中国市场销售降幅的进一步收窄;正常化EBITDA同比下滑8.1%至4.63亿美元,利润压力主要来自公司渠道及品牌端的投入。

展望2026年,管理层明确将稳定中国区销售视为首要任务,渠道拓展及产品创新策略已初见成效,叠加世界杯等运动赛事营销,虽然短期投入或影响利润,但为长期成长奠定基础。

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