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野村:升維達(3331.HK)目標價至21.9港元 評級“買入”
格隆匯 01-23 11:13

野村發表報告表示,維達國際(03331.HK)去年以固定匯率計收入按年升11.6%,主因紙巾銷售強勁所帶動;公司會持續投資於紙巾產品高端化上,尤其是加快Tempo紙巾在內地市場之擴張步伐,該行相信隨內地消費升級下,維達會持續跑贏同業,即使在市場競爭激烈下,預期其今年紙巾銷售會按年升10%。

該行預期今年紙漿價格大致維持穩定,加上產品組合改善下,帶動今年毛利率進一步上升1.7個百分點至32.7%,因此上調維達2020至2021年度盈利預測3%至6%,以反映毛利率改善,惟料個人護理產品之推廣開支上升,目標價相應由18.4港元升至21.9港元,維持“買入”評級。

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