《大行報告》麥格理降恆安(01044.HK)目標價至46元 評級「跑贏大市」
麥格理發表研究報告指,恆安(01044.HK)去年下半年的銷售按年升1.3%,遜於麥格理預測。紙巾和尿片銷售額分別增長2.7%和3.5%,較去年上半年的22.7%及5%有所放緩。衛生棉銷量按年跌2.3%,而上半年則增3%,相信是由於木漿價格下跌導致售價競爭加劇。去年下半年新零售渠道銷售額增7%,銷售貢獻率為31%,而2022年同期為29.5%。公司的紙巾業務去年進一步獲得市場份額,衛生棉業務在2024年初至今有良好增長勢頭。然而,紙巾面臨激烈的競爭,公司或會加強促銷以刺激增長。
該行下調公司2024及25財年的淨收益預測12%和9%,以反映預期在競爭中需要較高的廣告促銷費用。目標價下調12%至46元,評級為「跑贏大市」。
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