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《大行報告》大摩下調恆安(01044.HK)目標價至40元 評級「與大市同步」
阿思達克 03-17 10:57
摩根士丹利發表研報指,行業數據顯示去年第四季混合紙漿價格按年上升59%至每噸約6,255元人民幣,考慮到生活用紙生產商通常會有三至四個月的紙漿庫存,將導致行業今年首季度盈利能力持續疲弱。 但該行留意到本年至今,紙漿價格按季跌約12%,因此估計行業盈利能力首季後或開始復甦,加上居民恢復出行、市場份額整合及產品平均售價提升,預期企業今年可實現強勁盈利復甦。 大摩指出去年恆安國際(01044.HK)的紙巾業務增長速度較同行快,主要來自於價格優勢、產品組合升級,以及於低線城市的營運能力改善,預計在銷量提升的推動下,公司2022至2024年紙巾銷售額複合年增長率約11%。 大摩又指,恆安正在積極尋求重振銷售增長和重塑品牌形象的戰略方針,正等待更多收入可持續增長措施推出,將目標價由42元下調至40元,維持「與大市同步」評級。
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