大和:升維達(3331.HK)目標價至36港元 重申買入評級
大和發表研究報告稱,維達(3331.HK)上半年純利按年增長1.05倍,與早前盈喜預告一致;若木漿成本正常化,預期高端產品及電商業務將可增加利潤,重申其買入評級,並將目標價由26.5港元上調至36港元。
該行續指,基於第二季強勁的收入增長和較低的木漿成本,該行將維達2020至22年收入預測上調1至2%,並上調每股盈利預測28至31%。儘管當木漿價格正常化後,公司每股盈測增長將放緩,但隨着維達在中國高端紙巾及個人護理領域持續擴張,意味毛利率波動將較小,因此仍然偏好維達。

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