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中金:上調中煙香港(6055.HK)目標價至21港元 料今年業績有望實現較快增長
格隆匯 12-11 14:50

中金公司發佈報告稱,上調中煙香港(06055.HK)2019、2020年每股盈利預測14.5%/、13.1%至0.43、0.48港元,維持“中性”評級,因盈利預測上調,上調其目標價11%至21港元,當前股價有17%上漲空間。

該行稱,受益於海外加熱不燃燒產品的快速增長,公司目前運營的MC、嬌子等加熱不燃燒品牌銷售情況良好。捲煙出口業務於上半年在經銷品牌數擴大的驅動下營收高增 391%。煙葉出口業務於上半年營收同比增長 147%,下半年公司進一步挖掘東南亞等細分市場需求。該行預計,2019年公司業績有望實現較快增長。

該行又稱,公司計劃通過收購煙葉類產品供應商、捲煙品牌、新型煙草製品品牌和專有技術、優質批發商和銷售渠道提升市佔率(目前未有確定標的),募集資金中45%計劃用於外延收購,為公司持續成長助力。

另外,從市場地位看,公司在四大業務領域擁有在限定地理區域內獨家經營權,形成公司領先的市場地位。從業務模式看,公司產品銷售採取固定比率成本加成定價,且給予上下游幾乎同樣時長的賬期,帶來較好的盈利能力和現金流。該行認為,這兩方面將在中長期保障公司業務發展的穩健性、持續性。

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