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野村维持恒安(1044.HK)评级“中性”目标价56港元
格隆汇 08-23 13:15

野村发表研究报告,指恒安(01044.HK)中期业绩大致符合该行预期。上半年收入按年增长6.3%,但纯利下跌3.6%至18.8亿元人民币。该行指,由于内地的卫生巾业务市场已经饱和,因此2019至2021财年的增长会由中至高单位数,放缓至低至中单位数,而此业务占公司整体分部利润74%,导致公司出现结构转变。

在不利的宏观环境下,该行看到公司在促销及增加直销渠道的开支将会加大,预期卫生巾业务的疲弱表现将会继续影响其下半年的销售及毛利率。该行将公司2019至2021年的盈利预测下调2至4%,目标价由原来的58.2港元下调至56港元,维持“中性”投资评级。

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