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里昂下调H&H国际(1112.HK)目标价至64港元评级“买入”
格隆汇 07-25 11:25

里昂发表报告表示,两年前开始覆盖前称合生元的H&H国际(01112.HK)时,已认为其属「沧海遗珠」,即使该公司持续面对不同逆境,该行仍维持有关看法,并重申对其“买入”投资评级。

该行指,在代购条例影响及投资者担心短期内地出生率下降下,该行料会对H&H国际股价带来较大负面压力。不过,该行预期,该公司第二季销售增幅会录高双位数,但毛利在经营杠杆影响而受压。

里昂表示,即使H&H国际上半年业务表现较逊色,但相信投资者气氛会因第二季业绩表现而有提升,相信更会延续至第三及四季。因此该行将其目标价由66.6港元下调至64港元,此按综合方式作估值。

该行称,下调对H&H国於2019年至2021年纯利预测各7.3%、5.4%及4.2%,分别至14.62亿、18.64亿及22.86亿人民币。

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