《大行報告》匯豐研究上調維達(03331.HK)目標價至31.2元 評級維持「持有」
匯豐研究發表報告指,維達(03331.HK)上半年淨利潤增長107.5%,較預期高出6%,主要是由於毛利率亦較預期為高,當中第二季度毛利率達39.4%,較預期的38.1%高出1.3個百分點。
該行指出,個人護理產品上半年取得不少市場份額,維持下半年收入增長預測13.5%不變,考慮到公司預期利潤穩定,將2020年淨利潤預測提高17.5%,並預計下半年淨利潤按年增長64%,當中紙巾及個人護理產品經營溢利率將提升至17.3%和11%。
但匯豐研究亦表示,維達自獲納入中國指數以來,股價已累積上升35%,預期重新估值可能已經結束,目前股價為2021年預測市盈率20.1倍,而2016年以來的平均市盈率僅為19.9倍,指出如果競爭加劇或紙漿成本上升,紙巾經營溢利率將降至13%,這將令2021年淨利潤較估計低25%。該行維持「持有」評級,目標價則由22.8元上調至31.2元,以反映利潤率預測提高。
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