《大行報告》美銀美林下調H&H國際(01112.HK)目標價至33.6元評級「跑輸大市」
美銀美林報告指出,H&H國際控股(01112.HK)上半年收入及經調整稅後盈利遜預期,主因一般及行政、銷售成本上升。該行下調2019及2020年每股盈測分別5%及8%,目標價相應由38.8元下調至33.6元。該行稱,集團首七個月收入按年增5.3%,增幅遠低於上半年,意味7月表現惡化。雖然年初至今其股價跑輸恆指20%,惟仍見下行風險,重申評級「跑輸大市」。
該行指,集團下行風險包括以下因素,電子商務平台監管收緊,繼續擾亂了Swisse代購銷售業務;內地生育率下降,內地嬰幼兒配方奶粉市場維持激烈競爭;由於政府監管收緊,中國維生素、草本及礦物補充劑線上市場需求放緩;本地嬰幼兒配方奶粉品牌以低價搶佔市場,致競爭加劇。加上,集團需向新產品及新市場進行重大投資,以維持收入增長,惟令利潤受壓。
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