研報掘金|中金:上調中煙香港目標價至31.5港元 上調今年純利預測
中金髮表研究報告指,中煙香港去年純利超該行預期,按年增42.6%至8.5億元,主因捲菸出口、菸葉出口等毛利率提升向好。該行指,菸葉出口、捲菸出口推動去年下半年收入穩健成長;捲菸出口、菸葉出口毛利率提升向好,帶動去年下半年盈利能力持續提升。該行指,看好菸草韌性需求下,公司作爲中煙獨家資本市場運作及國際業務拓展平臺的稀缺價值,及中長期“內生+外延”協同並進走勢。
中金指,考慮捲菸出口等業務盈利能力趨於改善,上調今年純利預測11%至9.4億港元,引入2026年純利預測10.1億港元,維持“中性”評級,上調目標價13%至31.5港元。
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