《大行報告》大摩下調恆安(01044.HK)目標價至46元 評級「與大市同步」
摩根士丹利發表報告,將恆安(01044.HK)目標價由51元下調至46元,評級「與大市同步」。
大摩稱,短期內,儘管紙漿價格逐漸穩定,但公司的紙漿成本將在下半年走高,並對盈利能力造成壓力。同時,紙巾和衛生巾的競爭加劇,特別是來自CGB渠道的競爭者,它們在價格上有很大的折扣,因此將對收入造成壓力。
另該行指出,新任行政總裁上任後的優先事項將集中在品牌、組織、渠道和產品的改進等長期措施,而不是快速的財務轉勢。
考慮競爭加劇,大摩將恆安2021年至2023年的銷售預期降低4%至8%,對淨利潤的估計也降低3%至6%。
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