《大行報告》匯豐研究下調H&H國際(01112.HK)目標價至32.9元 評級「買入」
匯豐研究發表的研究報告指,上半年對H&H國際控股(01112.HK)來說具挑戰,特別是在嬰兒營養及護理方面高利潤益生菌表現大跌,而自2020年11月收購寵物護理業務以來,公司宣布斥6.1億美元收購Zesty Paws,該行維持對公司「買入」評級,目標價降9%至32.9元,認為寵物業務或可複製成人營養護理業務的成功。
該行指出上半年公司業績大致符預期,不過高利潤生菌業務按年跌46%,致經調整EBITDA按年跌10%,不過認為仍有兩項正面因素,一方面是寵物護理方面雖只是在去年11月收購,但次季增長強勁,帶動收入表現較該行預期高3%。另外期內嬰兒營養及護理、成人營養及護理分部的經調整EBITDA利潤率分別為20.5%及18.5%,高於管理層的目標。
8月23日公司宣布斥6.1億美元收購Zesty Paws,主要經營貓、狗營養補充品,是相關業務的第二項收購,管理層估計未來三年寵物業務將貢獻整體收入的兩成,雖然現時談成功與否仍言之尚早,不過管理層在新增長領域有成功紀錄,相信到2023年相關業務可貢獻集團收入的12%。(el/k) ~
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