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麥格理:升H&H國際(1112.HK)評級至“跑贏大市” 目標價則降至36港元
格隆匯 11-05 11:01

麥格理髮表研究報告指,H&H國際(01112.HK)第三季總收入按年跌10.3%,當中嬰幼兒營養及護理用品按年增1.2%,成人營養及護理用品則按年跌23.8%。該行相信第三季度收入很有可能已見底,以及兩個分部第四季開始見改善。麥格理將其評級由“中性”升至“跑贏大市”,惟降其今年兩年盈測分別11.7%及5.5%,目標價相應由40元降至36元。該股現估值相當於預測2020年市盈率約13倍,估值不高。

報告指,公司嬰幼兒營養及護理用品多元化,有助緩解嬰兒奶粉配方收入放緩的影響。在區域方面,中國地區銷售按年增15.3%,惟受規管代購影響,以澳元計,澳洲銷售卻大跌49.8%。不過隨着內地銷售貢獻增加,澳洲的影響將逐漸減少。另一方面,公司剛完成再融資及預計自2020年開始,可享有1億元人民幣融資成本的節省。隨着資本結構正在改善,管理層亦已將最低派息比率由20%上調至30%。公司亦料有更多財務空間以提振未來業務增長。

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