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大和:重申思摩爾(6969.HK)“買入”評級 目標價55港元
格隆匯 08-23 16:39

大和發表研究報吿認為,思摩爾國際(6969.HK)股價近日暴跌屬市場過度反應,預料其主要大客户Vuse銷售將保持強勁,而煙草產品預上市申請(PMTA)獲批更將是股價催化劑。該行重申其“買入”評級,目標價由64港元下調14.1%至55港元。

報吿指,思摩爾上半年經調整純利29.8億元人民幣,為盈警的中間水平,然而績後其股價大挫9.45%,相信是由於來自中國市場的收入佔比高於預期,而來自美國和歐洲的收入按年升20%-25%,較市場預期差。該行認為,市場過度反應,並預料若Vuse的煙草產品預上市申請獲批,思摩爾的業績將有正面的影響。

報吿續指,思摩爾股價近期低迷的主要原因在於,內地政府持續關注電子煙的健康問題,並升級對電子煙的監管至與傳統香煙相約。中國市場佔集團收入由去年的27%提升至今年上半年的41%,令市場更為憂慮中國市場的風險和不確定。隨着集團在第二季因監管要求和供應過剩而關閉門市,該行預料下半年在中國的收入增速將見放緩,在華的收入佔比或將下降至33%。

報吿又指,受益於加熱不燃燒產品(HNB)的研發,思摩爾上半年與全球多個煙草公司展開合作及銷售,這將消除部分投資者對HNB業務停滯不前的憂慮。

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