《大行报告》美银证券首予蓝月亮集团(06993.HK)「中性」评级 目标价18元
美银证券发表研究报告,首予蓝月亮集团(06993.HK)「中性」评级及目标价18元,按综合市盈率及现金流折现流作估值,相当动态市盈率1.4倍。该行指出蓝月亮集团为中国洗衣液龙头企业,拥有充分的行业领先优势,料可利用竞争力及行业结构性顺风趋势来实现强劲增长,但考虑到该公司现价水平为2021年预测市盈率的42倍及动态市盈率1.4倍,认为当前估值已反映出其增长前景,估值已合理。
该行预计,蓝月亮将持续进行产品升级及种类拓展,并提升线上销售占比,加强在内地偏远城市的渗透率,加上行业加快整合,预测公司於2019至2022年收入复合年增长率可达20%,每股盈利复合增长31%。
美银证券表示,虽然疫情影响蓝月亮去年度收入增长,但预期产品创新及疫情需求反弹,今年相信增长可恢复并有所加快。该行料蓝月亮2020年至2022年经调整纯利预测13.39亿、24.26亿及28.46亿元。
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