《大行報告》瑞銀下調思摩爾國際(06969.HK)目標價至8.11元 評級維持「買入」
瑞銀發表報告指,思摩爾國際(06969.HK)第三季收入增長達10.9%,大致上符合預期,而調整後純利增長達3.1%。毛利率表現遜色,主要是營運開支較高。該行表示,公司收入持續改善,受到歐洲一次性電子煙產品需求勢頭強勁,而隨著內地監管中斷後,其需求正回復正常。
該行表示,將思摩爾在2024年及2025年的收入增長預測下,並料在2023年至2025年期間息稅前利潤的年均複合增長率達14%,每股盈測的年均複合增長率達10%。該行將思摩爾目標價由9元下調至8.11元,此按現金流折現率作估值,相當於預測明年市盈率21倍,維持其評級為「買入」。(ca/w)
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