《大行報告》大和下調H&H國際(01112.HK)目標價至33.4元 評級「買入」
大和發表研究報告,指H&H國際控股(01112.HK)上半年經調整盈利增7%,勝其盈警預期,中期息0.37元人民幣,相等於派息比率為30%。重申「買入」評級,目標價由39元降至33.4元。
該行指,上半年公司各項目毛利表現穩定,而公司針對高端產品,避免了價格競爭,嬰兒產品毛利見下跌1.6個百分點,主因降益生菌產品銷售,而成人保健品經營槓桿改善1個百分點。預期配方奶收入下半年會受價格競爭影響。公司將利用貸款以為其收購Zesty Paws融資,管理層預期負債/EBITDA比率將增加至3.6倍,而未來三年將改善至低於2倍,降2021至23年收入預期2至3%,純利預期降20至25%。
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.