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野村:消費股首選恆安、安踏、周大福及申洲國際
格隆匯 10-19 13:56

野村發表研究報告指,該行早前舉行消費類企業日,當中大部份企業的經營環境已從新冠肺炎中復甦,對消費股的首選為恆安國際(1044.HK)、申洲國際(2313.HK)、安踏體育(2020.HK)、周大福(1929.HK)及美股百勝中國。

該行指,恆安國際第三季表現符合公司預期,當中強勁的衞生巾需求令公司跑贏大市,管理層相信,該業務今年最起碼可錄得中單位數的增長。而紙巾業務上半年則遜於同業,主要由於線上銷售渠道問題及新產品發佈延遲。該行續指,管理層相信木漿價格將維持現有水平,並有利公司,另外公司計劃將紙巾線上銷售貢獻在未來3-5年由20%提升至30%;而紙尿片線上銷售貢獻則在近期由40%提升至60%,予其“買入”評級。

另外,該行予超盈國際(2111.HK)“中性”評級,認為體育和服裝繼續是其主要增長動力,不過內衣市場增長緩慢,公司預計2020年的銷售仍將錄得按年下降,主要由於女性內衣市場疲弱和平均售價的上升空間不大。

該行又予維珍尼(2199.HK)“買入”評級,認為下半年收入與去年相若,近兩季收入亦已錄得增長,主要由於來自歐洲和美國的訂單回升。該行續指,線上渠道銷售和體育產品的增長仍然強勁,其在深圳和越南的口罩業務將在未來1-2年內作為新的增長點。

野村予晶苑國際(2232.HK)“中性”評級,年初至今的銷售或需要去到第四季才回復正增長,訂單在7月和8月仍然承壓。在眾多產品類別中,牛仔布的恢復應該是最慢的,而運動服飾和生活用品則表現最好,在生產方面,晶苑的所有市場如孟加拉國和斯里蘭卡等亦已經恢復正常。

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