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摩通:升恆安(1044.HK)評級至“中性” 目標價49港元
格隆匯 10-10 11:21
摩根大通發表研究報告,將恆安(1044.HK) 評級由“ 減持 ”升至“ 中性 ”,目標價49港元,主因其風險回報值和估值吸引,相信基本面弱的因素已反映,該行分別將今年的銷售和盈利預測調升4.1%及下調8.2%,均低於市場預期。
該行指,因應衞生巾業務復甦和木漿價格成本於第三季下跌,預期盈利上升的機會較大。若下半年木槳成本跌20%,料可推動全年盈利8.5%。集團股份現價相當於2020年市盈率預測13倍,處於過去五年低位,自由現金流率及股息率分別達8%及5%。
該行提到,儘管集團增長勢頭緩慢,但相信公司可跑嬴同業,因其經營溢利和股本回報率分別達20%及18%。集團主要催化劑為衞生巾銷售增長、紙巾利潤擴張、股份回購,以及新產品成功推出。
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