《大行報告》大和上調恆安(01044.HK)目標價至72元 評級「買入」
大和發表報告指,考慮到疫情對上半年收入的影響,恆安(01044.HK)管理層重申全年收入錄得中單位數增幅的目標,並期望在紙巾及衛生巾市場都可提升份額。
該行指出,年初至今木漿現貨價格仍處於較低水平,管理層預計上半年紙巾業務毛利率將繼續按年增長。由於恆安目前擁有大約4個月低成本木漿庫存,改善情況有機會在下半年延續。疫情影響物流,令恆安未能滿足2月份強勁的市場需求,但報告指,自3月份起情況已逐漸恢復,當中濕紙巾和成人紙尿布收入增幅有所加快。
投資者亦關注電商業務,目前佔收入約16%。該行認為,恆安目標是通過純電子商務平台及其O2O渠道來帶動收入增長,相信隨著公司專注於高端細分市場,傳統渠道與電子商務之間利潤差距將收窄。
恆安廣告及營銷開支比例由2018年的2%,增加至去年5%,公司解釋是由於收入增長放緩及為新產品豎立品牌。管理層目標今年將該比例降至3-4%,大和認為成本有空間降得更低,假設木漿成本維持低水平,開支亦下降,將2020至2022年每股盈測調高2-5%,重申「買入」評級,目標價由70元上調至72元。
大和又提醒,恆安主要生產線產能利用率已超過80%,2021年的資本支出可能會增加以擴大產能。
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