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中金维持恒安(1044.HK)“跑赢行业”评级估值具有吸引力
格隆汇 07-18 14:35

中金发表报告表示,预计恒安国际(01044.HK)今年上半年收入按年升6.4%,净利润按年降4%左右,低于市场预期,主要由收入结构中贸易收入占比扩大导致毛利率下行、卫生巾板块承压引发费用率提升等因素导致。该行指,上半年卫生巾板块承压,纸巾和纸尿裤表现符合预期。据渠道调研,上半年卫生巾板块收入或按年下滑3-4%,主要受去年底起启动的传统渠道改革拖累。

该行称,恒安国际当前股价相当於今明两年市盈率各15倍及13.6倍,考虑上半年卫生巾板块收入利润双线承压,该行下调对恒安於2019年及2020年盈利预测各5%及4%,相应下调目标价6.3%至71.83港元,此预测今明两年市盈率各18.7倍及17倍。

中金指,考虑恒安国际当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,维持“跑赢行业”投资评级。

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