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《大行報告》大和下調恆安國際(01044.HK)目標價至29元 評級「跑贏大市」
阿思達克 11-09 10:21
大和發表研究報告指,恆安國際(01044.HK)衛生紙業務的毛利率在今年第三季復甦,由次季的20%擴大至25%。公司管理層預計,第四季衛生紙業務的毛利率將基本與上季持平,因為本季可能會出現整個行業的庫存清理大促銷。然而,該行預計,集團的衛生紙業務毛利率將在明年進一步擴張,有利的紙漿價格將進一步發揮作用。因此,該行預計集團的核心盈利將在今年下半年恢復12%的按年增長,並在明年進一步增長13%。 該行表示,集團明年的目標是繼續透過穩定的定價策略和嚴格的廣告和促銷開支來推動收入增長。管理層預計,明年衛生紙業務收入將按年錄高個位數增長,尿布和衛生巾業務收入將低個位數增長,隨著低成本原材料的利好因素逐漸浮現,整體毛利率將進一步擴張。隨著盈利增長動能恢復和6%的股息年利率,該行相信股價進一步下跌的空間有限。 該行下調集團2023至25年的盈測1至6%,主要是反映衛生紙業務的利潤復甦稍為較預期慢,重申「跑贏大市」評級,目標價由34元下調至29元。
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