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《大行报告》里昂降恒安(01044.HK)目标价至70元 估值便宜重申「买入」
阿思达克 01-28 15:58
里昂发表研究报告指,由於高端纸巾销售逊预期及竞争加剧,料恒安国际(01044.HK)去年末季收入增长放缓。报告料纸巾原材料价格利好及高端卫生巾销售占比上升,可带动恒安毛利扩张,但受累於负面经营杠杆及结构因素,广告及推广开支比率料维持高企。

进入2021年,该行称,纸巾销售复苏(特别是高端产品系列)及电商销售增长属该行所留意,以观察潜在销售收入反弹。该行下调恒安2020年至2022年销售预测2%至5%,并下调纯利预测3%至8%,目标价相应由87元降至70元,重申「买入」评级,因未来12个月预测市盈率仅10倍,属三年低位,估值便宜。

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