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《大行報告》大摩下調恆安(01044.HK)目標價至35元 評級「與大市同步」
阿思達克 08-09 09:28
摩根士丹利發表報告,下調恆安國際(01044.HK)今年至後年銷售預測2%,毛利率預測下調0.3至0.7個百分點,因為生活用紙銷售利潤率復甦所需時間可能較預期長,而紙漿價格自4月份以來的下跌可能會令毛利率復甦延續至下半年。考慮到營運費用率和外匯損失可能會高過預期,下調其今年至後年各年淨利潤預測介乎8%至10%。 報告預計,恆安今年上半年銷售額按年增6%,核心營業利潤料降30%,淨利潤料降11%;全年銷售額料增長5%,營業利潤下降11%,全年淨利潤則看升33%,受惠外匯虧損料按年收窄。這意味著下半年由於生活用紙銷售比較基數較高,銷售或減速,但毛利率可能會在下半年出現顯著復甦,因紙漿價格下降反映於銷貨成本。目標價由40元降至35元,評級「與大市同步」。
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