《大行報告》花旗上調維達(03331.HK)目標價至22.5元 評級「中性」
花旗發表報告指,維達(03331.HK)第二季營業利潤下降39%,淨利潤下降29%,均低於該行預期,毛利率和營業利潤率表現亦未達預期。不過,銷售額按固定匯率計算增長14%,當中國內銷售額第二季增長18%,好過預期。
花旗指,維達管理層維持下半年增長目標,但第三季面臨成本通脹壓力,並認為現時談及第四季成本趨勢為時尚早。
該行相信紙漿成本已在市場預計內,料維達下行空間有限,但鑒於第三季潛在的疲軟表現和第四季前景能見度低,短期內缺乏上升催化劑,下調對其2022至2024年淨利潤預測1至4%,將目標價由20.7元升至22.5元,相當於綜合預測未來12個月預測市盈率18倍,維持「中性」評級。
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