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《大行報告》瑞銀下調恆安(01044.HK)目標價至40.18元 評級「買入」
阿思達克 04-03 15:45
瑞銀發表報告,指基於匯兌虧損,恆安國際(01044.HK)去年盈利遜預期,儘管如此,該行看到集團去年業績幾項亮點,包括紙巾業務銷售強勁持續至去年下半年;衛生巾及紙尿褲業務毛利率改善;銷售及一般行政費用比率維持穩定水平。展望今年,預期紙巾業務銷售勢頭持續;衛生巾推出新產品而推動銷售;即棄紙尿褲業務重回正增長。基於2022年低基數效應,及毛利率有望擴張,該行預期2023至2025年盈利年複合增長率達29%。 該行下調集團2023年盈測13%,反映原材料木漿成本下跌較預期慢,目標價相應由42.01元下調至40.18元,惟基於該行相信長遠木漿供應過剩,料2023至2024年利潤率有改善的機會和獲得估值重評的空間,維持其評級「買入」。
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