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《大行報告》花旗將恆安(01044.HK)目標價下調至30.5元 評級維持「中性」
花旗發表報告表示,將恆安國際(01044.HK)目標價由36.2元下調至30.5元,評級維持「中性」。 該行估計,恆安衛生紙業務維持2022財年起強勁勢頭,2023年上半年相關銷售額增長22%。由於激烈的價格競爭,第二季度銷售增速應會按季放緩。該行料公司上半年衛生巾銷量將增長1%,紙尿褲銷量將增長2%。預計衛生紙毛利率將按年及按半年下降至18%,原因是2023年第二季度紙漿成本按年上漲約30%,以及價格競爭更加激烈。紙尿褲毛利率按年小幅提升至36%。 花旗預計恆安今年上半年銷售、一般和管理費用將增長15%,估計淨利潤下跌11%,料核心淨利潤減少21%。
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