《大行報告》花旗降恆安(01044.HK)評級至「中性」 目標價下調至25.4元
花旗發表研報指,恆安國際(01044.HK)上年度業績表現超出市場預期,淨利潤較該行預測高出13%,相信主要由於廣告及推廣開支低於預期所致。
該行指,隨着維達(03331.HK)易主及紙漿成本回升,潛在的行業競爭加劇或爲恆安今年利潤率帶來不確定性。不過,花旗預計強勁的資產負債表及穩定股息有助於支撐估值,將恆安投資評級由「買入」下調至「中性」,今明兩年盈測下調介乎6%至9%,目標價由31.7元降至25.4元。
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