《大行報告》大摩上調恆安(01044.HK)目標價至83元 評級「增持」
摩根士丹利發表報告指,上調對恆安國際(01044.HK)的2020至2022年的經營溢利預測5-7%,以反映上半年公司毛利率及經營溢利表現強勁,此外相信亦將受惠木漿成本較低,加上產品及定價持續改善,毛利率表現強勁,同時亦將淨利預測升1-3%。
該行估計,恆安國際今年下半年銷售增長將達7%,而核心經營溢利增長則達15%,並假設經營利潤率下半年可達20.2%,而去年同期則為18.8%,估計公司開支控制等亦將持續改善。明年該行則料公司銷售增長及經營溢利增長均為10%,相信紙巾業務的增長將反彈至雙位數,而衛生巾業務表現亦將跑贏同業,將公司目標價由78元升至83元,此相當預測明年市盈率18倍,維持「增持」評級。(el/w) ~
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