小摩：微降百威亚太目标价至31港元 评级维持“增持”
© Reuters. 小摩：微降百威亚太(01876)目标价至31港元 评级维持“增持”
智通财经APP获悉，摩根大通发表研究报告，估计百威亚太 (HK:1876)2020年集团销售及EBITDA分别按年跌13.3%及22.2%，而2021年料恢复增长，将目标价由32元降至31元，评级“增持”。
小摩料第三季销售及经调整EBITDA按年升0.3%及1.5%，自上半年复苏(首季跌40.5%/69.4%；次季跌15.5%/20.8%)。
该行预期虽夜场渠道未完全复苏，但中国市场在持续复苏的正轨上。主要受惠强劲的宣传以及夜场渠道复苏，百威中国第三季销售增长将跑赢行业。百威韩国业务则也有望复苏，因为除首尔之外的社交距离措施有关规例在10月11日起放宽，酒吧及KTV也可重开。
报告还指出，公司于国庆黄金周在四个城市进行调查，留意到上海、北京、杭州及长沙表现令人鼓舞，超市货架半空，而9月份的假期前优惠到10月份也已移除，渠道库存亦处于健康水平。
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