金吾财讯 | 交银国际研报指，2024全年，百威亚太(01876)收入同比下降8.9%；归母净利润同比下降14.8%。每股股息同比增加7%，派息率提升至96%（2023年为82%）。全年业绩符合预期，分红比率大幅提升。该行指，中国区业务短期发展面临阻力，主要受到餐饮和夜场消费的表现及行业竞争加剧影响。亚太西部整体下滑。印度高端市场发展强劲，高端及超高端产品组合实现了近20%的增长。另外，韩国市场亦表现亮眼。该行认为公司在中国市场仍具备长期增长潜力，尤其是在消费力持续复苏的情况下。韩国市场的强劲表现和公司在该市场的提价策略（高端/超高端产品提价8.1%）将有助于2025年的盈利。基于19倍2025年市盈率（不变），目标价略上调至9.78港元（原9.39港元），维持买入评级。
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