《大行報告》瑞銀上調恆安(01044.HK)目標價至56.65元 評級「中性」
瑞銀發表報告表示,恆安(01044.HK)去年度收益及純利按年升9.6%及2.8%,大致符合該行預期,經營溢利率按年下跌1.2個百分點,主因是衛生巾產品之廣告及推廣費用上升,維持派息比率達69%。該行認為,恆安今年盈利前景保持穩定,主因受惠紙漿和石化材料價格下跌,惟關注其今年之後的盈利壓力,因為其衛生巾部門在行業高端化中並未顯示出組合升級的跡象。
該行補充,相信恆安在疫情下具防守性,升其2020至2022年度盈利預測7%、2%及2%,目標價由52元升至56.65元,維持「中性」評級。
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