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《大行報告》中金下調恆安(01044.HK)目標價至71.83元料毛利率下行令利潤承壓
阿思達克 07-18 14:19

中金發表報告表示,預計恆安國際(01044.HK)今年上半年收入按年升6.4%,淨利潤按年降4%左右,低於市場預期,主要由收入結構中貿易收入佔比擴大導致毛利率下行、衛生巾板塊承壓引發費用率提升等因素導致。該行指,上半年衛生巾板塊承壓,紙巾和紙尿褲表現符合預期。據渠道調研,上半年衛生巾板塊收入或按年下滑3-4%,主要受去年底起啟動的傳統渠道改革拖累。

該行稱,恆安國際當前股價相當於今明兩年市盈率各15倍及13.6倍,考慮上半年衛生巾板塊收入利潤雙線承壓,該行下調對恆安於2019年及2020年盈利預測各5%及4%,相應下調目標價6.3%至71.83港元,此預測今明兩年市盈率各18.7倍及17倍。

中金指,考慮恆安國際當前估值水平和股息收益率具有吸引力,及下半年盈利大幅提升前景,維持「跑贏行業」投資評級。

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