建银国际发表报告表示，上调对百威亚太(01876.HK) 投资评级，由“中性”上调至“跑赢大市”，目标价由7.5元上调至9.5元。
该行指，百威亚太去年净利润按年跌15%至7.26亿美元，符合该行预期但低于市场预期5%，意味去年第四季净亏损1,600万美元，或受疲弱中国市场表现拖累。季度收入按年跌12%，受销量按年跌13%影响，公司季内调整中国库存。毛利率收缩2.1个百分点至45.6%，受渠道组合及销售去杠杆影响。公司增加推广支出，令季内EBIT率跌1.8个百分点至6%。该行又指，公司宣布每股5.66美仙股息，相等于派息率103%，令市场意外。
该行表示，公司去年11月宣布新总裁及销售总监，亦宣布新首席执行官任命，后者今年4月上任。该行料新管理团队集中稳定中国业务。该行亦指，公司在中国新年销售受情绪改善及健康渠道库存支撑而改善，预计今年将以市占为优先任务。(fc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-27 12:25。)
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