大行評級|大和:下調恒安國際目標價至25港元 評級降至“持有”
大和發表研究報吿指,恒安國際上半年核心盈利按年升2.6%,惟收入跌3%。不過,管理層提到,價格競爭自今年次季起加劇,這或會限制下半年收入的進一步增長和利潤率擴張。鑑於去年下半年紙巾業務的毛利率基數較高,該行預期今年下半年的盈利將按年下降5%至15億元。
大和表示,由於預期恒安旗下紙巾產品均價及毛利率下降,削減集團2024至2026年的盈測9至14%。另外,因應需求疲弱,該行預計集團的股價不會很快轉好,因此將其評級由“跑贏大市”下調至“持有”,目標價由30港元降至25港元。
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