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《大行報告》匯豐研究下調恆安(01044.HK)目標價至42.7元 評級「持有」
阿思達克 02-04 09:52
匯豐研究發表報告,料恆安國際(01044.HK)2021年度業績將因成本上升和競爭加劇而令市場失望,這些壓力可能會持續到2022年,尤其是上半年。該行將恆安2021年至2023年的淨利潤預測下調16%至20%,目標價由48元下調至42.7元,維持「持有」評級。 匯豐研究表示,考慮到更高的營銷費用,將恆安去年下半年淨利潤預測下調36%,收入預測下調4%,預計集團下半年淨利潤將按年下降46%至12.58億元人民幣,因爲下半年收入按年下降8%。毛利率方面,該行預計恆安2021年下半年毛利率較上半年下降3.9個百分點至35.5%,主要由於紙漿成本上升。 匯豐研究認爲,恆安被認爲是收息股,派息比率達64.4%,現估值僅相當於3其2022年預測市盈率僅11.8倍,而過去3年的歷史平均值爲12.9倍,但監於增長的不確定性和對毛利率的影響,認爲現時以估值角度對該股看法轉爲樂觀仍爲時過早。
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