《大行報告》花旗降維達(03331.HK)評級至「中性」 目標價下調至22.1元
花旗發表報告指,維達國際(03331.HK)今年第二季的經營利潤及純利按年分別跌31%及23%,表現遜於該行預期,且毛利率及經營利潤率明顯較預期差。
該行表示,在競爭減輕下,集團管理層預期下半年的行業增長會高於上半年,維持內地業務增長雙位數的目標。管理層又對紙巾業務於第三季加價有信心,估計電商客流復甦、規模經濟改善及持續產品升級,有助支持毛利率。
花旗將維達股份評級由「買入」降至「中性」,目標價由31.7元降至22.1元,相當於明年預測市盈率18倍,並調低集團今年至2023年純利預測分別16%、29%及17%,以反映較低的毛利率及經營利潤率。該行補充,現時估值較歷史均值低出25%,提供良好支持。
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