《大行報告》星展升恆安國際(01044.HK)目標價至78元 指次季補貨需求強勁
星展發表研究報告指,恆安國際(01044.HK)3月至今股價已累升逾20%。儘管如此,該行預期補貨需求持續強勁下,今年度營業額增幅可保持在9%以上。
報告指出,恆安收入貢獻佔比最大的衛生巾產品,銷售渠道成功重組,加上產品結構不斷提升,有助推動銷售增長,電商強勁增長亦有助刺激整體營業額。
該行預期,今年紙漿價格可能保持較低水平,因此紙巾產品毛利率有望保持在30%以上的高水平,令集團整體毛利率進一步提高。星展又提到,恆安擁有強大資產負債表及穩定派息比率(約68%),相信是內地有能力抵禦經濟下行的主要內需股之一,在現時市場擔憂中美緊張局勢下值得關注。
星展將今年及明年盈利預測提高3%至5%,預期今年盈利可增長14.9%,目標價由68.5元升至78元,維持「買入」評級。
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