《大行报告》高盛下调H&H国际(01112.HK)目标价至42.1元 评级「买入」
高盛发表报告表示,H&H国际(01112.HK)去年度经调整EBITDA按年下跌3%,符该行预期;纯利按年升10%,高於预期,主因其财务成本及税率下降所致。
报告又指,看好今年H&H国际旗下品牌Swisse业务会有所复苏,加上品牌Swisse澳纽业务经过重组及成本控制下,料该业务毛利率会有改善;至於在市场竞争下,对婴儿配方奶粉的增长更为保守看法。该行维持其「买入」评级,但下调其2021至2023年度每股盈利预测最多5%,目标价由43元降至42.1元。
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