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《大行報告》匯豐研究下調H&H國際(01112.HK)目標價至36.2元 評級「買入」
阿思達克 07-15 10:20
匯豐研究發表報告,預期H&H國際控股(01112.HK)上半年收入增長2%,純利跌26%,主要由於高利潤的益生菌業務下滑。該行預期BNC(嬰幼兒營養及護理用品)業務的經調整EBITDA率將回調至21%(對比去年同期為27%),以致集團整體純利率降至10%,低於去年同期的13.9%。

該行同時降2021至23年純利預期13%至18%,以反映BNC業務較弱展望,但重申「買入」評級,目標價由43.6元降至36.2元。該行認為市場關注點將從可能疲弱的上半年業績往更後看去,若下半年呈現改善勢頭,股份可能會獲得市場重估。該行預計下半年公司的收入和淨利潤將分別按年增長12%和78%,純利率從去年同期的6.9%提高到11%。

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