匯豐研究:升維達(3331.HK)目標價至18.3港元 評級“買入”
匯豐發表研究報告指,維達(03331.HK)第三季收入及營運溢利表現均好過該行預期。雖然競爭加劇,但第三季仍維持內部增長14.6%,較上半年的13%增長為快。毛利率按年上升4.2個百分點至31.3%,不單受到紙漿成本下降推動,亦是因為高端產品的增長強勁所致。
管理層預期在競爭加劇的情況下,第四季的平均售價將會下降,紙巾產品的推廣亦會更多。總括而言,公司相信收入增速將會與第二季的表現相似(內部增長12.6%),毛利率將會繼續錄按季提升。該行預期,維達第四季的內部增長率為9.7%,毛利率將按季上升1.2個百分點,將公司2019年盈利預測上調9.8%,較市場預期高出14.7%。
匯豐重申公司“買入”投資評級,目標價由原來的17港元上調至18.3港元,認為市場沒有必要對公司的業績作出負面反應,估值將會繼續是股份具吸引力的地方。
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