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《大行報告》美銀證券上調維達(03331.HK)目標價至31元 評級「中性」
阿思達克 07-08 10:19
美銀證券發表報告,預期維達國際(03331.HK)今年上半年的銷售可有低單位數增長,意味第二季的增長近20%。該行又預期,集團上半年的經營利潤有逾80%增長,單計第二季料按年增長超過100%。

該行相信,今年第二季料為集團盈利增長的高峰水平,對其原材料成本下降期間,推廣費用上升看法審慎。

美銀上調維達今明兩年每股盈利預測分別20%及19%,股份目標價由23.5元升至31元,評級則維持「中性」,因該股現估值相當於今明兩年市盈率21倍,較歷史均值高出一個標準差,上行空間或有限。

報告料新冠疫情對補充庫存需求及推廣力度放緩的影響將逐漸消減。該行留意到價格壓力加劇,市場小型同業開始降價競爭。美銀相信維達下半年將參與降價,以爭取達成今年銷售增長雙位數的目標。另該行料在宏觀不確定性下木漿價格進一步向下的空間不大。該行料維達下半年純利增長將顯著放緩,明後兩年增長進一步減慢;並預期木漿價格明年逐漸谷底反彈。

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