中金发表研究报告指，百威亚太(01876.HK) 上季收入、销售额及EBITDA分别下调11%、12.7%及7.2%，惟销售均价按年增1.9%。毛利率按年跌1.61个百分点，EBITDA利润率升0.84个百分点。中国市场方面，收入、销量、均价及EBITDA分别按年跌20.1%、18.9%、1.4%及19.9%。集团上季业绩略逊于预期，主要是受到内地疲弱的销费环境所拖累。展望今年，新CEO上场，公司目标扩大中国市场占有率。
百威亚太中国市场表现疲弱，惟中金考虑到集团在韩国及印度有良好的势头，大致维持其2025年的EBITDA预测为19亿美元，并料2026年EBITDA达20亿美元。该行维持集团目标价9.8元及“跑赢行业”评级。(sl/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-27 16:25。)
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