野村:維達(3331.HK)銷售復甦續籲買入 升目標價至32.4港元
維達國際(3331.HK)公佈首季業績後,獲野村調升該公司2020-22年度的盈利預測18-19%,以反映較佳的銷售和毛利率,目標價亦隨之上調至32.4港元,相當於今年預測市盈率的21倍,維持“買入”評級,並繼續是個人護理行業的首選股份。
野村研究報告指出,除了企業對企業的銷售平台外,預測維達第二季銷售將急速回升,由於個人衞生意識提高,對高質的衞生紙需求增加,高端產品策略成功的維達,很可能成為行業贏家。
報告又説,高端衞生紙產品在首季增長強勁,佔整體衞生紙銷售27%,比去年同期的20%佔比提高了7個百分點,預期按年增長達8%。首季因物流受影響及店舖關閉導致供不應求,價格戰緩和,相信第二季出現價格戰的可能性不高,但若紙漿成本持續低企,下半年減價戰有機會重現。管理層認為維達專注於需求上升的高端產品,無需參與價格戰。
野村將維達全年的毛利率預測提高至36.6%,以反映預期高端產品需求的強勁增長,及今年紙漿預期價格的下跌。報告亦提及維達2月開始生產口罩,料短期內月產量可維持於700萬個。

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