《大行报告》美银美林下调H&H国际(01112.HK)目标价至33.6元评级「跑输大市」
美银美林报告指出,H&H国际控股(01112.HK)上半年收入及经调整税後盈利逊预期,主因一般及行政、销售成本上升。该行下调2019及2020年每股盈测分别5%及8%,目标价相应由38.8元下调至33.6元。该行称,集团首七个月收入按年增5.3%,增幅远低於上半年,意味7月表现恶化。虽然年初至今其股价跑输恒指20%,惟仍见下行风险,重申评级「跑输大市」。
该行指,集团下行风险包括以下因素,电子商务平台监管收紧,继续扰乱了Swisse代购销售业务;内地生育率下降,内地婴幼儿配方奶粉市场维持激烈竞争;由於政府监管收紧,中国维生素、草本及矿物补充剂线上市场需求放缓;本地婴幼儿配方奶粉品牌以低价抢占市场,致竞争加剧。加上,集团需向新产品及新市场进行重大投资,以维持收入增长,惟令利润受压。
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