花旗降H&H国际(1112.HK)目标价至42.2港元维持“买入”评级
花旗下调H&H国际(1112.HK)
目标价,由53.1港元降至42.2港元,维持“
买入
”评级。该行指,H&H国际目标今年达到销售正增长,以及有健康的盈利能力及现金流。
该行认为,管理层没有如以往般提供分部销售及毛利率指引,反映上半年成人营养及护理(ANC)业务EBITDA率差于预期,以及政府对健康保健产品推广监管收紧、代购市场收缩等行业逆风下,导致盈利能见度下降。
该行表示,仍相信公司的长期增长,基于其产品组合持续升级、品牌的主动投资及渠道多元化。
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