《大行報告》大和:內地電子煙標準草案符預期 但無跡象短期開放HNB產品 部分參與者或失望
大和發表報告表示,就內地部門昨日(11月30日)正式發布了《中國電子煙標準指南草案》,其內容與該行上月中旬的報告中所討論的要點基本一致,除了沒有提到加熱不燃燒(HNB(Heat Not Burning))設備及食用香料最終會否被當局允許。
該行認為,上述草案或令部分市場參與者可能會感到失望,因內地短期內沒有明顯的跡象開放加熱不燃燒(HNB)產品。該行注意到,內地上述草案的標準並未對電子煙的整體監管框架(如頒發許可證的方式和內容)提供額外信息。
但大和認為,上述新標準表明內地當局支持電子煙的中長期發展,指此對行業屬最重要的,認為這將有利於思摩爾(06969.HK)等龍頭供應商,重申對其「買入」評級及目標價55元,相當預測市盈率40倍。
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