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大華繼顯:維持H&H國際控股(1112.HK)41港元目標價 評級買入
格隆匯 11-06 17:01

大華繼顯發表研究報告指,H&H國際控股(1112.HK)的嬰兒配方奶粉增速加快,但第三季Swisse在澳新地區的銷量下跌。集團公佈正透過收購美國小型寵物食品公司素力高,以發展第三大支柱-寵物營養品。該行認為,這將成為“Swisse2.0”,藉着重複收購外國品牌的故事,利用其分銷專業知識來加快集團在中國的業務。該行維持目標價41港元,及買入評級。

大華繼顯指,公司第三季嬰兒配方奶粉銷售按年反彈13.2%,銷售增長符合預期,主要歸功於集團商店滲透率由6月的41000升至9月的45000,而山羊奶嬰兒配方食品和新的牛奶嬰兒配方食品的強勁增長,亦符合該行預期。

大華繼顯對集團益生菌銷售由上季按年增長56%,大幅下跌至第三季按年下跌34.7%感到震驚。但該行指,集團在中國銷量強勁,按年增長23.9%,帶動集團的成人奶粉銷量勝預期,按年升7.2%,認為集團有望實現全年銷售目標。

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