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野村下调恒安(1044.HK)评级至“中性”目标价降至58.2港元
格隆汇 07-19 11:40

野村发表研究报告指,担忧恒安国际(1044.HK)卫生巾业务的传统渠道销售表现疲软会影响销售及利润。因此将恆安目标价大削36.9%,由原来的92.3港元,降至58.2港元,评级亦由“买入”降至“中性”。

野村表示,恒大的传统渠道销售疲软,主要由于宏观经济走弱导致库存增加。而由于集团有70%的卫生巾是通过传统渠道销售,因而预料今年上半年的销售及利润可能下滑。集团一直透过直销的模式推动销售,而维达(3331.HK)表示,公司传统渠道今年上半年反弹至单位数增长,反映恒安在向零售商推广高端产品上的困难。鉴于维达纸巾业务贡献较多,更能受惠于纸浆价格急降之影响,因此野村更为看好维达,建议买入。该行同时将恒安2019至2021年的盈利预测下调12%。

该行指出,集团的纸巾业务增长趋势持续,尿片业务下滑收窄,加上其他方面的贡献增加,仍然相信集团今年将实现高单位数增长的销售目标。

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