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《大行报告》汇丰研究降恒安(01044.HK)评级至「持有」 目标价下调至56.4元
阿思达克 03-22 10:35
汇丰研究发表研报指,恒安国际(01044.HK)去年下半年收入、毛利率及开支均逊预期,管理层将上述影响归因於去年推广活动及渠道投入的增加。

该行认为,年初至今木浆价格飙升28%,今年特别是下半年的盈利前景可见度低,预测今年全年收入将按年升4.4%,当中纸巾业务推广活动恢复正常,收入料增长9%,卫生巾业务料增长率料达低单位数。

汇丰研究认为,毛利水平前景看淡,预期下半年较便宜的原料库存将用罄,对集团造成无可避免的盈利压力,预期纸巾业务经营溢利率将下降1个百分点至9%,全年经调整净利料按年下跌6.5%,较市场预测低17.7%,评级由「买入」降至「持有」,目标价由78.8元大幅下调至56.4元。

该行补充,恒安估值届谷底,但表示公司正面对木浆价格上升的周期逆风及渠道改革不确定性下,估值低不代表是买入信号;汇丰称,纸巾业务经营溢利率每改变1%,将影响其今年纯利2%。

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