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《大行報告》野村下調恆安(01044.HK)目標價至47.6元 評級「減持」
阿思達克 03-22 10:35
野村發表研報指,恆安國際(01044.HK)受毛利率下降及經營開支增加所影響,去年下半年業績表現疲弱,全年收入較該行預期低3%。

該行指出,去年下半年毛利率受壓主要由於木漿及石化產品價格回升,同時營銷開支及物流費用增加,令銷售及行政開支佔比提升1.6個百分點至21.6%。

野村更認為,扣除匯兌收益約3.2億元人民幣,全年業績可謂平平無奇。由於恆安在電商滲透落後同業,野村預期其今年紙巾業務持續受壓,銷售額將按年增長5.4%,毛利率料因成本上升而下降至33.5%。野村另料恆安全年銷售額預測增長4.4%,盈利料僅增長0.9%。

該行因此將其目標價由49.1元降至47.6元,重申「減持」評級,並表示在必需消費品板塊較偏好維達(03331.HK),予「買入」評級。

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