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麦格理:升H&H国际(1112.HK)评级至“跑赢大市” 目标价则降至36港元
格隆汇 11-05 11:01

麦格理发表研究报告指,H&H国际(01112.HK)第三季总收入按年跌10.3%,当中婴幼儿营养及护理用品按年增1.2%,成人营养及护理用品则按年跌23.8%。该行相信第三季度收入很有可能已见底,以及两个分部第四季开始见改善。麦格理将其评级由“中性”升至“跑赢大市”,惟降其今年两年盈测分别11.7%及5.5%,目标价相应由40元降至36元。该股现估值相当於预测2020年市盈率约13倍,估值不高。

报告指,公司婴幼儿营养及护理用品多元化,有助缓解婴儿奶粉配方收入放缓的影响。在区域方面,中国地区销售按年增15.3%,惟受规管代购影响,以澳元计,澳洲销售却大跌49.8%。不过随着内地销售贡献增加,澳洲的影响将逐渐减少。另一方面,公司刚完成再融资及预计自2020年开始,可享有1亿元人民币融资成本的节省。随着资本结构正在改善,管理层亦已将最低派息比率由20%上调至30%。公司亦料有更多财务空间以提振未来业务增长。

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