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华创证券:维持百威亚太(01876)“推荐”评级 目标价20.5港元

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华创证券发布报告称,维持百威亚太(01876)“推荐”评级,考虑到韩国业务短期承压及美元汇率上涨压制表观利润,下调23-25年归母净利润预测至9.5/11.6/13.4亿美元(此前预测为10.5/12.6/14.5亿美元),对应PE27/22/19倍,给予24年PE 30X,目标价20.5港元。该行认为百威品牌优势突出、引领高端化增长,中国及印度升级复苏势能强劲,短期韩国业务承压拖累业绩,但随提价落地预计经营有望逐步向好,叠加来年成本红利释放,业绩有望加速。

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