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《大行報告》花旗下調維達(03331.HK)目標價至23.7元 評級「買入」
花旗發表報告指,由於紙漿成本大幅下降,維達(03331.HK)利潤率將在下半年反彈,但幅度可能繼續受到競烈的市場競爭影響。不過,高檔生活用紙的銷售貢獻持續增加,顯示消費疲軟的情況下,高檔市場仍有韌性,而且管理層的產品組合升級戰略執行情況理想。下調純利預測,但維持「買入」評級,因其前景復甦,估值不高。 花旗將維達今年至後年純利預測分別下調40%/19%/18%,以反映較低的毛利率假設。目標價由28元下調至23.7元,基於2024年預測市盈率18倍,較歷史平均水平折讓10%,反映出潛在的大股東拋售計劃。
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