You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》匯豐研究降恆安(01044.HK)評級至「持有」 目標價下調至56.4元
阿思達克 03-22 10:35
匯豐研究發表研報指,恆安國際(01044.HK)去年下半年收入、毛利率及開支均遜預期,管理層將上述影響歸因於去年推廣活動及渠道投入的增加。

該行認為,年初至今木漿價格飆升28%,今年特別是下半年的盈利前景可見度低,預測今年全年收入將按年升4.4%,當中紙巾業務推廣活動恢復正常,收入料增長9%,衛生巾業務料增長率料達低單位數。

匯豐研究認為,毛利水平前景看淡,預期下半年較便宜的原料庫存將用罄,對集團造成無可避免的盈利壓力,預期紙巾業務經營溢利率將下降1個百分點至9%,全年經調整淨利料按年下跌6.5%,較市場預測低17.7%,評級由「買入」降至「持有」,目標價由78.8元大幅下調至56.4元。

該行補充,恆安估值屆谷底,但表示公司正面對木漿價格上升的周期逆風及渠道改革不確定性下,估值低不代表是買入信號;匯豐稱,紙巾業務經營溢利率每改變1%,將影響其今年純利2%。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account