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大和:升維達(3331.HK)評級至“買入” 目標價上調至20.3港元
格隆匯 01-23 11:34

大和發表研報指,維達(03331.HK)受惠木漿成本保持低水平及產品組合改善所帶動,預期毛利率的良好勢頭在今年上半年持續。

維達日前公佈2019年業績,大和認為,維達管理層未來透過更好的紙巾產品銷售組合及個人護理領域業務快速增長,2020年或可在實現中國業務收入雙位數增長。

該行又指,木漿成本料於今年保持低位,加上維達未來將專注於銷售高端產品,而非在中國市場打價格戰,相信今年上半年毛利率表現強勁,將評級上調至“買入”,並將2020至2021年每股盈利預測提高21%至26%。

大和將維達目標價由18港元上調至20.3港元,以反映2020年預測市盈率約18倍目標。

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