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《大行报告》大摩上调恒安(01044.HK)目标价至72元 评级「增持」
阿思达克 03-13 09:48
摩根士丹利发表报告指,由於纸巾及女性护理的销售增长更为强劲,上调对恒安(01044.HK)於2019年至2021年的销售预测分别1%、3%及4%。该行认为,集团新系列卫生巾「七度空间」有正面讯号,若女性护理业务的销售贡献可由低单位数提升至明年的高单位数,集团该业务於2019年至2021年的增长应可有中单位数,料将触发估值重评。

大摩上调对恒安股份目标价,由65元升至72元,评级维持「增持」,并下调集团去年纯利预测2%,以反映终止芬浆(Finnpulp)项目的潜在拨备可能。而今明两年纯利预测则分别上调3%及6%,主因预期受惠於女性护理产品销售强劲、木浆及原油价格下降将使毛利率进一步扩张。

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