《大行报告》野村下调恒安(01044.HK)目标价至47.6元 评级「减持」
野村发表研报指,恒安国际(01044.HK)受毛利率下降及经营开支增加所影响,去年下半年业绩表现疲弱,全年收入较该行预期低3%。
该行指出,去年下半年毛利率受压主要由於木浆及石化产品价格回升,同时营销开支及物流费用增加,令销售及行政开支占比提升1.6个百分点至21.6%。
野村更认为,扣除汇兑收益约3.2亿元人民币,全年业绩可谓平平无奇。由於恒安在电商渗透落後同业,野村预期其今年纸巾业务持续受压,销售额将按年增长5.4%,毛利率料因成本上升而下降至33.5%。野村另料恒安全年销售额预测增长4.4%,盈利料仅增长0.9%。
该行因此将其目标价由49.1元降至47.6元,重申「减持」评级,并表示在必需消费品板块较偏好维达(03331.HK),予「买入」评级。
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