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维达(3331.HK)业绩超预期获花旗中金大幅上调目标价
格隆汇 07-19 17:15

花旗及中金就维达国际(3331.HK)发表研究报告。其中,花旗指维达上半年业绩超预期,对公司下半年及明年的盈利增长有信心,将投资评级由“中性上调至“买入”,目标价由16.1港元上调24.2%至20港元。中金则维持维达下半年毛利率提升的预测,维持“优于大市”的投资评级,将目标价上调10.4%至18.23港元。

花旗表示,维达上半年业绩稳健,反映管理层在产品品质及成本控制方面的成效;加上木浆价格的回落,对公司今年下半年和明年的盈利增长有信心,遂上调2019-2021年的盈利预测16-19%。

中金则指出,由于全球需求疲弱和厂商库存高企,木浆价格跌幅超过预期,预计维达下半年毛利率至少提升6个百分点,带动下半年净利润至少翻倍,全年利润升幅超过40%;加上,预计在电商和高端产品带动下,公司全年纸巾收入有望维持双位数增长,高端卫生巾也有望为公司提供额外收入成长动力。中金分别上调维达今明两年利润预测9.1%及11.5%至9.14亿港元及10.78亿港元。

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