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《大行報告》美銀證券首予藍月亮集團(06993.HK)「中性」評級 目標價18元
阿思達克 01-19 10:51
美銀證券發表研究報告,首予藍月亮集團(06993.HK)「中性」評級及目標價18元,按綜合市盈率及現金流折現流作估值,相當動態市盈率1.4倍。該行指出藍月亮集團為中國洗衣液龍頭企業,擁有充分的行業領先優勢,料可利用競爭力及行業結構性順風趨勢來實現強勁增長,但考慮到該公司現價水平為2021年預測市盈率的42倍及動態市盈率1.4倍,認為當前估值已反映出其增長前景,估值已合理。

該行預計,藍月亮將持續進行產品升級及種類拓展,並提升線上銷售佔比,加強在內地偏遠城市的滲透率,加上行業加快整合,預測公司於2019至2022年收入複合年增長率可達20%,每股盈利複合增長31%。

美銀證券表示,雖然疫情影響藍月亮去年度收入增長,但預期產品創新及疫情需求反彈,今年相信增長可恢復並有所加快。該行料藍月亮2020年至2022年經調整純利預測13.39億、24.26億及28.46億元。

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