大行評級|交銀國際:下調恒安國際目標價至27.01港元 預期下半年市場競爭將加劇
交銀國際發表研報指,上半年市場競爭加劇,令恒安國際上半年收入按年下跌3%,但受到高端產品收入貢獻提升,以及原材料成本下降的利好,期內毛利率仍提升2.2個百分點,達到至33.3%,當中紙巾銷量更錄得雙位數增幅。展望下半年,該行預期市場競爭將繼續加劇,短期內收入增長料將持續受壓,將恒安的投資評級降至“中性”,目標價降至27.01港元。不過預期在原料成本下降及高端產品系列發展的推動下,交銀國際相信該公司毛利率可繼續改善,預測下半年利潤表現將持平。
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