《大行報告》摩通下調恆安(01044.HK)目標價至48元 評級「中性」
摩根大通發表研究報告指,恆安(01044.HK)上半年收入及盈利分別按年下跌8.7%及17.7%,遜於市場預期。該行解釋,盈利表現較預期差,相信主要由於上半年衛生巾在低線城市銷情不及國際品牌,加上社區團購平台加劇競爭,令銷售額下跌6%,跌至2015年水平。但由於公司未有打價格戰,毛利率及經營溢利率保持在良好水平。
中期紙巾銷售額下跌12%,摩通預期是由於市場需求回復正常,令各公司開始增加宣傳推廣,導致紙巾業務毛利率下跌5.8個百分點至29.2%。
該行表示,對高端護理品牌「七度空間」是否可與國際品牌競爭感到擔憂,考慮到現時大宗商品價格走勢,以及公司在電商及團購平台定價能力較弱,對其維持「中性」評級,下調2021-22年經調整每股盈測16%至22%,目標價由58元降至48元。
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