《大行報告》野村降恆安(01044.HK)評級至「減持」 目標價下調至49.1元
野村發表研究報告指恆安(01044.HK)去年下半年銷售見改善,主因線上銷售所致,惟相信全年紙巾類別銷售因推廣成本增而只能持平,該行將全年該分部的毛利率預測下調至34.8%,公司目前有約5個月的木漿存貨,意味今年毛利率可望相對穩定,並假設今年下半年木漿價格只有溫和增幅。
衛生用品方面,該行預期去年銷售升5%,當中由新產品Space 7帶動,毛利率料有輕微改善。
而因應去年下半年內地經營環境大致恢復正常,該行相信公司或已增加在推廣的開支,加上競爭加劇,預期今年銷售與一般及行政支出比率亦會維持高水平,以致該行分別下修去年及今年盈利預測7.7%及12.8%。
該行相信,公司去年盈利會為市場預期區間低位,將其評級降至「減持」,目標價由87元降至49.1元。
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