《大行報告》富瑞下調恆安(01044.HK)目標價至37.7元 評級「持有」
富瑞發表報告,預料恆安(01044.HK)紙巾銷售表現持續強勁,第三季的市場份額或呈雙位數增長,主要是邀請了肖戰為品牌代言人,助提升產品形象。
該行表示,現時市場競爭較為溫和,但紙漿價格仍然高企,基於去年下半年基數低,今年次季及第三季的價格分別上升3%及13%,而且該行相信,公司今年下半年毛利率仍承壓,料為22.9%,相對於上半年則是23.1%。
富瑞補充,將公司今年、明年及2024年純利預測分別下調3%、2%及2%,以反映紙漿成本壓力略高、以及銷售相若,故將其目標價由40.31元下調至37.7元,維持「持有」評級。(ca/s)
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