大和升维达(3331.HK)目标价至17.7港元毛利前景正面
大和发表研究报告指,维达(03331.HK)中期纯利按年升5%至4.4亿元,反映中国销售增长、木浆价格利好、针对高毛利产品;上半年收入按年升8%至78.91亿元,毛利按年跌1.6个百分点至28.1%(因2018年上半年两次提价令基数偏高);而因应其研发投放,税率降至16%(2018年上半年21.1%),中期股息为0.07元。

该行指,因应木浆价格於今年至今呈下降趋势,而公司亦两次调升产品价格,目前公司并无计划降低产品售价,但预期下半年市场竞争会加剧,产品组合升级仍是首要任务,公司对广告开支和渠道开支维持审慎的看法。长远而言,公司相信中国商业市场有潜力,包括企业和酒店等市场。
该行上调维达2019-21年每股盈利预测3-5%,以反映税率优惠,重申“跑赢大市”评级,目标价由17.3港元升至17.7港元。
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