《大行報告》大和降恆安(01044.HK)目標價至70元評級「買入」
大和發表研究報告,指恆安(01044.HK)上半年純利跌3%,稍高於預期,主因衛生巾產品銷售下降,及更高的銷售開支,部份抵銷了紙巾的銷售增長和利息收入。
管理層預期毛利會因木漿成本下降而增加,銷售成本亦會於下半年控制得更好。該行上調2019-21年每股盈測1%至3%,重申其「買入」評級,惟基於對2019-20年市盈率估算為18倍的預期不變,目標價由72元降至70元。
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