《大行报告》德银下调恒安(01044.HK)目标价至66.1元评级「买入」
德银下调恒安(01044.HK)目标价,由78.2元降至66.1元,维持「买入」评级。该行指,目标价降幅为16%,当中4%为人民币贬值影响,其余为盈利预测修改。
该行下调对恒安今年至2021年纯利预测6%至9%,与及同期销售预测2%至3%。该行相信,恒安第二季销售或不如第一季强劲,指公司在市场加强推广,尤其是卫生巾及部分纸巾产品。该行预期上半年销售按年升4%,纯利按年跌9%至18亿元人民币。
该行预期恒安业绩下半年改善,尤其是卫生巾业务。但短期股价或受卫生巾销售疲弱而受压,该项业务往年均未出现倒退情况。
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