《大行報告》瑞銀升恆安(01044.HK)評級至「買入」 目標價下調至42.35元
瑞銀發表報告表示,對恆安國際(01044.HK)目標價由56.65元下調至42.35元,此按現金流折現率作估值,但將資評級由「中性」升至「買入」,以反映潛在的毛利率恢復。
該行解釋指,目前處於歷史高位的紙漿價格,估計將在下半年進入下行周期,為公司未來兩年提供利潤率擴張機會;加價和減少折扣將推動公司產品定價增長;在低基數、組合升級和衛生紙的市場份額增加下,收入亦將恢復增長。該行預測恆安2021年至2026年收入年複合增長率為4.5%。
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