Financial news
Written by: Zhang Weilun
2020-01-10 21:24
Last updated: 2020-01-10 21:25Goldman Sachs cut Budweiser Asia Pacific (1876) target price by 8% to RMB 34, but still gave a "Buy" rating. The report quoted Budweiser management as saying that the Mainland ’s nightlife channels are recovering slowly. The company continues to invest in high-end brands and will increase sales points to increase its leadership position in high-end and ultra-high-end brands, especially when it is about to enter the peak sales season.
Goldman Sachs also pointed out that Budweiser Asia-Pacific management will increase investment and rebate, or pressure on gross profit margin in the short term, but still have confidence in the growth of medium and long-term business, especially the sales of individual super high-end brands with double-digit growth at the end of last year It is expected to continue this year.
However, based on the market situation of the nightlife channel in the Mainland, meanwhile, the gross margin may be under pressure, and the growth of average selling price has slowed down. Therefore, Goldman Sachs cut Budweiser's EPS forecast from 2019 to 2021 by 4%, 8% and 10%, The target price is reduced to 34 yuan, equivalent to about 17 times the expected EV / EBITDA in 2024.
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Budweiser Asia Pacific Goldman Sachs